Why Vertical Aerospace Stock Is Soaring Higher Today
American Airlines Group (NASDAQ: AAL) remains committed to buying electric planes from Vertical Aerospace (NYSE: EVTL), a huge vote of confidence for the start-up manufacturer. Investors are excited, sending shares of Vertical Aerospace up as much as 50% in Friday trading.
Vertical Aerospace is one of a number of so-called "flying taxi" manufacturers that have burst onto the scene in recent years. The company's flagship VX4 aircraft is designed to transport a pilot and up to four passengers more than 100 miles at speeds exceeding 200 miles per hour. The VX4 is electric powered, and is capable of vertical takeoffs and landings.
American first partnered with Vertical in June 2021, announcing a conditional preliminary order of up to 250 aircraft with an option for an additional 100. On Friday, Vertical said the airline has committed to make pre-delivery payments to reserve the first 50 aircraft that come off the line.
Source Fool.com
