Archer Aviation Inc Enters Agreement to Launch eVTOL Aircraft in UAE

Shares of air-taxi maker Archer Aviation Inc (NYSE: ACHR) rose over 8% to $8 on Friday. This increase followed the announcement of an agreement to launch the first commercial electric vertical takeoff and landing (eVTOL) aircraft in the UAE by 2026.

Agreement Details

Archer has entered into a multiparty collaboration agreement with key entities in the UAE and Abu Dhabi to advance eVTOL air taxi operations in the region.

By this agreement, Archer Aviation aims to become the first eVTOL manufacturer in the Middle East and North Africa (MENA) region. Furthermore, the company plans to establish local manufacturing capabilities for its aircraft to develop flying taxi services.

This collaboration positions Abu Dhabi as a global leader in smart and autonomous transportation solutions.