Archer Aviation Inc. (ACHR) shares are experiencing an uptick today following the completion of its new high-volume manufacturing facility in Covington, Georgia. The company announced the milestone with a ribbon-cutting ceremony, marking a significant step towards the production of its Midnight eVTOL aircraft. The facility, which spans approximately 400,000 square feet, is set to begin initial production in early 2025, with plans to ramp up to two aircraft per month by the end of the year. Archer's partnership with Stellantis, which will serve as the exclusive contract manufacturer, is expected to enhance production capabilities, aiming for an annual output of 650 aircraft by 2030.
The current price of Archer Aviation Inc. (ACHR) is $10.03, reflecting a 2.82% increase from its previous close of $9.75 and a 1.06% rise from its opening price of $9.92.