Why Archer Aviation Stock Is Soaring Today
Archer Aviation (NYSE: ACHR) stock is making big gains in Thursday's trading. The company's share price was up 11.4% as of 3:30 p.m. ET and had been up as much as 13.7% earlier in the day's session.
Before the market opened this morning, Archer Aviation published a press release announcing that it has entered into agreements to bring its advanced air mobility services to the Japanese market. Through the deal, Archer could wind up selling up to 100 of its Midnight aircraft to Soracle -- a joint venture company held between Japan Airlines and Sumitomo Corporation.
As part of its deal with Archer Aviation, Soracle has secured the right to purchase up to 100 of the company's Midnight flying vehicles. If Soracle moves ahead with the full purchase, it would mean roughly $500 million in sales for Archer. The two companies will be working together to obtain permissions and certifications from the Japanese Civil Aviation Bureau, and they plan to hold a public flight demonstration at the World Expo in the near future.
Source Fool.com
