Archer Aviation (NYSE:ACHR) stock is a hot topic among traders on Friday after the company cleared a new milestone with the Federal Aviation Administration (FAA).
Archer Aviation is celebrating the public inspection of the final airworthiness criteria for the company’s Midnight electric vertical takeoff and landing (eVTOL) aircraft. With this, the company can seek out the final approvals for its certification and test plans.
Archer Aviation Chief Regulatory Affairs Officer and former FAA administrator Billy Nolen said this about the news.
“Midnight is one giant step closer to taking passengers into the sky in the coming years in the U.S. The final airworthiness criteria for Midnight is an important step on our journey to make electric flying taxis an everyday reality. Thank you to the team at the FAA for their continued hard work in support of making the electrification of aviation a reality.”
What This Means for ACHR Stock
This puts Archer Aviation one step closer to launching its air taxi service in the U.S. The company says that it intends to start piloted test flights for this service later this year. The company wants to drastically reduce commute times with air travel over ground travel.
ACHR stock is up slightly as of Friday morning. However, the stock is still down 43.4% since the start of the year.
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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.
