United Airlines places deposit for 100 flying taxis from Archer Aviation

Aug. 10, 2022 9:03 AM ETArcher Aviation Inc. (ACHR), UALAAL, EVTLBy: Kevin P. Curran, SA News Editor10 Comments

eVTOL Electric Vertical Take Off and Landing Aircraft Flying Through Skyscrapers

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Archer Aviation Inc. (NYSE:ACHR) announced a $10M pre-delivery payment from United Airlines (NASDAQ:UAL) for 100 electric vertical take-off and landing (eVTOL) aircraft.

The deposit follows a purchase agreement inked in 2021 and adds to visible interest among airline operators in eVTOL aircraft. Indeed, in July air taxi company Vertical Aerospace (EVTL) reached an agreement with American Airlines Group (AAL) for 50 aircraft.

“This announcement marks a new important phase in our relationship with Archer, and our commitment to eVTOL technology,” Michael Leskinen, President of United Airlines Ventures said. “We are witnessing an inflection point where consumers, businesses, and policymakers are all aligned to prioritize technology that reduces the impact of climate change.”

He explained that eVTOL technology could help the carrier reach carbon-neutral targets while also helping the airline aid consumers with “commutes within cities across the globe.”

Archer Aviation (ACHR) shares surged 6.89% in premarket trading on Wednesday while United Airlines (UAL) stock rose 2.2%.

Read more on Joby Aviation’s expanded contract with the U.S. Air Force.

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