Why Archer Aviation Stock Is Soaring Again Today

Archer Aviation (NYSE: ACHR) stock is surging in Friday's trading. The flying taxi company's share price was up 7.7% as of 12:45 a.m. ET, and had been up as much as 12.5% earlier in the daily session.

Archer Aviation stock is seeing big gains today following the announcement of a new partnership to initiate and scale commercial flying taxi operations in Abu Dhabi. The company's share price is now up roughly 153% over the last month.

Archer Aviation announced today that it has entered into an agreement with multiple parties in the United Arab Emirates (UAE) and Abu Dhabi to develop and expand flying taxi operations in Abu Dhabi. The partners are aiming to make Archer the first manufacturer of electric flying taxis in the Middle East and North Africa, and the first to begin commercial operations in the United Arab Emirates.

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Source Fool.com