Archer Aviation Inc. (ACHR) saw its stock decline by 1.85% on January 2, 2025, closing at $9.57 after opening at $9.92. The stock experienced a volatile trading session, reaching a high of $10.09 and a low of $9.33, with trading volume surpassing the average at 34,967,640 shares. The decline in Archer's stock price was primarily influenced by broader concerns in the eVTOL industry, following the insolvency filing of Volocopter, a key player in the sector. This development has raised investor apprehension about the financial health and viability of eVTOL companies, including Archer Aviation.
Despite the negative sentiment, Archer Aviation announced the completion of its new manufacturing facility in Covington, Georgia, which is expected to bolster its production capabilities. The facility aims to begin initial production of the Midnight eVTOL aircraft in early 2025, with plans to ramp up production by the end of the year. However, the positive news was overshadowed by the broader industry concerns stemming from Volocopter's financial struggles.