Archer Aviation Inc. (ACHR) saw its stock soar over 17% in intraday trading on Friday following the company's announcement that it had received a key certificate for its upcoming aircraft factory.
The electric vertical take-off and landing (eVTOL) aircraft maker disclosed that it had earlier this week received a certificate of occupancy for its massive 400,000-square-foot factory in Georgia. This facility, in partnership with automaker Stellantis, is expected to manufacture up to 650 of Archer's "Midnight" eVTOL aircraft annually by 2030.
The deal with Stellantis is a major win for Archer, with the automaker set to provide capital, manufacturing expertise, and personnel to help mass produce the futuristic aircraft. Investors cheered the news as a significant milestone towards commercializing Archer's eVTOL technology, driving the stock's surge on increased optimism.
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