Archer Aviation (NYSE:ACHR) stock is in the news Thursday after the electric vertical takeoff and landing (eVTOL) company announced plans to launch an air taxi service in India.
Archer Aviation has entered into a memorandum of understanding with InterGlobe Enterprises for the launch of the service in 2026. This will see the eVTOL maker provide the travel and hospitality conglomerate with its vehicles.
That includes InterGlobe Enterprises acquiring 200 of Archer Aviation’s Midnight aircraft. The goal is to use these for back-to-back flights that require minimal charge time between them. If all goes well, it could reduce the travel time from Connaught Place to Gurugram from 60 minutes to 90 minutes by car to just 7 minutes.
Nikhil Goel, chief commercial officer at Archer Aviation, said this about the partnership.
“At Archer, our goal is to make cities greener, smarter, more efficient places to live. We couldn’t be more excited to be partnering with Rahul and the InterGlobe team to bring our Midnight aircraft to Indian cities and fundamentally transform mobility across the country, with the goal of starting with Delhi, Mumbai, and Bengaluru.”
ACHR Stock Movement on Thursday
ACHR stock is up 2.7% as of Thursday morning. That comes as some 46,000 shares of the stock change hands. This is still a far way off from its daily average trading volume of about 8.4 million shares.
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On the date of publication, William White did not have (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.
