"Archer Aviation Cleared by FAA for Air Taxi Commercial Launch"

Boston Brand Media brings you the latest - "Archer Aviation achieves FAA approval for launching commercial air taxi services, signaling a major milestone in the realm of urban transportation. With this clearance, the company is poised to introduce innovative and convenient air travel options, promising to revolutionize the way people commute and navigate cities. The FAA's nod underscores Archer Aviation's commitment to safety and regulatory compliance, paving the way for the realization of futuristic aerial mobility solutions."

June 5 (Reuters) - Archer Aviation, listed as ACHR.N, announced on Wednesday that it has been awarded a certificate by the U.S. Federal Aviation Administration (FAA) to commence commercial operations, marking it as the second electric air taxi manufacturer to attain this significant achievement. 

Following the announcement, shares of the company, headquartered in Santa Clara, California, surged by 3% during morning trading upon receipt of the certification, known as Part 135 Certification. The company's leading electric vertical takeoff and landing (eVTOL) aircraft, known as "Midnight," is still awaiting Type Certification from the U.S. aviation regulator, which verifies that the aircraft conforms to the FAA's design and safety criteria.

Archer, supported by entities like Stellantis (STLAM.MI), Boeing (BA.N), and United Airlines (UAL.O), revealed its intention to utilize conventional aircraft to enhance its "systems and procedures." Its counterpart, Joby Aviation (JOBY.N), secured the Part 135 Certification from the FAA back in 2022. Archer is part of a cohort of eVTOL manufacturers aiming to transform urban transportation in congested cities by providing short-haul air travel options.

Boston Brand Media also found that the eVTOL industry encounters hurdles, including regulatory and technological obstacles like battery density, impacting the performance of eVTOL makers' shares. Archer shares have experienced a 47% decline this year, while Joby Aviation has seen a 26.7% drop. Nevertheless, major corporations continue to invest in eVTOL manufacturers. Earlier in the year, carmaker Stellantis augmented its ownership in Archer by approximately 8.3 million shares, becoming the company's largest shareholder, as per LSEG data.

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Source: Reuters‍