Archer Aviation (NYSE:ACHR) stock is in the news Wednesday after the electric vertical takeoff and landing (eVTOL) company reached another milestone.
Archer Aviation is celebrating today after its Midnight eVTOL was able to complete transition flying at speeds above 100 miles per hour. This is big news for the company, as it is a difficult milestone to reach.
Transition flying occurs when an eVTOL takes off vertically and switches from thrust flight to wing flight. It then drops speed and switches back to vertical flight for its landing.
Additionally, the Midnight is believed to be one of the heaviest eVTOLs to secure transition flight at 6,500 lbs. That’s worth highlighting, as it shows the aircraft is capable of transition flight while carrying passenger payloads.
Archer Aviation founder and CEO Adam Goldstein said the following about this accomplishment:
“Transitioning two generations of full-scale eVTOL aircraft in less than 2 years is another remarkable achievement for Archer’s team. This shows we continue to successfully execute against our plan to create the most efficient path to market with an aircraft that is designed for certification and to be manufactured efficiently at scale.”
ACHR Stock Movement Today
With today’s news comes a 5.2% increase for ACHR stock. Alongside that is more than 2.6 million shares changing hands. That’s roughly half the amount of the company’s daily average trading volume of about 5 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
