Archer Aviation rises after announcing air taxi launch in UAE by 2026

Investing.com -- Shares of air-taxi maker Archer Aviation Inc (NYSE:ACHR ) up more than 8% at $8 on Friday after it enter into an agreement to launch first commercial electric vertical takeoff and landing (eVTOL) aircraft in UAE by 2026.

It entered a multiparty collaboration agreement with key UAE and Abu Dhabi entities to advance electric vertical takeoff and landing (eVTOL) air taxi operations in Abu Dhabi.

Archer Aviation will become the first eVTOL manufacturer in the Middle East and North Africa (MENA) region as part of the agreement.

The company will also establish local manufacturing capabilities for its aircraft, for the development of flying taxi services.

The collaboration further positions Abu Dhabi as a global leader in smart and autonomous transportation solutions.

Source: Investing.com