[…] Archer Aviation Inc., a designer and manufacturer of air taxi and electric vertical takeoff and landing vehicles (e-VTOL). Not only have they garnered a $142 million contract with the US Air Force, but they have also secured other private investments to grow their business. […] over a month, and one of their main rivals Joby Aviation has announced a new Ohio manufacturing plant, commercial services plans, and a partnership with Delta Airlines. No doubt that those who are very interested in the all-electric aircraft and air taxi industry in and around Daytona Airport Ohio will be very pleased with this announcement.
Well friends, sh*t just got real! Joby Aviation just delivered its first e-VTOL to the Air Force, on the heels of its recent announcement to move its manufacturing plant to Daytona Airport, Ohio. At the same time, Archer Aviation seems to be facing litigation for losses from investors.
Let us be clear here, that not because a company may be facing litigation or that some investors lost money does not mean that the company does not have a bright future. This is all a part of business.
Nonetheless, it is beautiful to see the dynamics playing out in this market segment with the two top players slugging it out for the top position. It is beautiful primarily because as they fight it out to become the very best the customer ultimately wins. As we stated in last week’s digest:
For us, this marks the beginning of a strong rivalry between these companies to create the best air taxi. It is through this healthy competition that the end-user will get the very best. Given that their activities are not stymied by excessive regulations.
On Aviation™ Note: Contrary to what many might believe, it is healthy competition that leads to high-quality products and services at the lowest cost to consumers.
In this digest, we share some stories and articles on the recent developments with both companies. We are sure you will find these updates quite interesting.
Joby Aviation Shares Rise 8% After First Aircraft Delivered to U.S. Air Force
Joby Aviation shares were up 8% at $6.69 after the company delivered its first aircraft to Edwards Air Force Base about six months ahead of the expected 2024 delivery date.
The company, which develops electric vertical take-off and landing aircraft for commercial passenger service, said on-base operations with Joby aircraft will be used to demonstrate a range of logistics missions, including cargo and passenger transportation, and will be operated by both Joby and U.S. Air Force personnel.
In partnership with the U.S. Air Force, NASA will also use the aircraft for research focused on how these aircraft could fit into the national airspace, benefiting the entire air taxi industry.
By Market Watch
ACHR Stock: Why Archer Aviation Is a Top Flying Car Contender
Alongside AI stocks, flying car stocks have also been trending with investors lately. With this in mind, it’s no surprise that Archer Aviation (NYSE:ACHR) shares have performed very well over the past six months. Since March, ACHR stock has more than doubled in price.
During this time frame, ACHR’s performance has topped that of other high-profile names in this space, like EHang Holdings (NASDAQ:EH). Admittedly, there’s a big reason this electric vertical takeoff and landing play has become especially hot among investors.
This pre-revenue company has attracted several big name backers, including a prominent growth investor. However, that’s not the only thing Archer has going for it. Other developments suggest that the company is a top contender in this fast-growing space.
So, with more than just famous names in its corner, let’s dive in, and see whether now’s the time to hop aboard.
By Louis Navellier | InvestorPlace
Joby Delivers First eVTOL Aircraft to Edwards Air Force Base Ahead of Schedule
Joby Aviation, Inc., a company developing electric vertical take-off and landing (eVTOL) aircraft for commercial passenger service, announced it has delivered its first aircraft to Edwards Air Force Base approximately six months ahead of the expected 2024 delivery date. On-base operations with Joby aircraft will be used to demonstrate a range of logistics missions, including cargo and passenger transportation, and will be operated by both Joby and U.S. Air Force personnel. In partnership with the U.S. Air Force, NASA will also use the aircraft for research focused on how these aircraft could fit into the national airspace, benefiting the entire air taxi industry.
Joby’s aircraft, which has already begun flying at Edwards AFB, is the first electric air taxi to be stationed on a U.S. military base and is believed to be the first delivery of an electric air taxi in the U.S., as part of Joby’s $131 million AFWERX Agility Prime contract with the U.S. Air Force. Joby’s current and previously completed work with the Department of Defense represents a total potential contract value of $163 million, the largest in the industry.
The Agility Prime contract includes the provisioning of up to nine aircraft to the U.S. Air Force and other federal agencies, reinforcing the U.S. government’s continued leadership in developing and adopting eVTOL technology, and ushering in a new era of electric aviation. A second aircraft is planned to be delivered to Edwards in early 2024.
By Aviation Pros
INVESTOR ACTION ALERT: The Schall Law Firm Encourages Investors in Archer Aviation Inc. with Losses of $100,000 to Contact the Firm
The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Archer Aviation Inc. (“Archer” or “the Company”) (NYSE:ACHR) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s securities between September 17, 2021 and August 15, 2023, inclusive (the “Class Period”), are encouraged to contact the firm before November 20, 2023.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Note: The views and opinions expressed in the content shared in this digest are for informational purposes only, are solely those of the original content creators, and do not constitute an endorsement by or necessarily represent the views of On Aviation™ or its affiliates.
Thank you for reading this week’s On Aviation™ digest. How do you believe these new developments will be helpful to the air taxi segment? Please share your thoughts in the comments below. Remember to check out our On Aviation™ Podcast and continue the conversation on our Twitter and Instagram.
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