Archer Aviation (ACHR) has completed the first test flight of its Midnight electric vertical takeoff and landing (eVTOL) aircraft in Abu Dhabi. This marks a major step toward launching commercial air taxi services in the UAE.
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The primary objective of the flight was to assess the Midnight aircraft’s performance under challenging regional conditions, such as extreme heat, high humidity, and airborne dust.
It must be noted that the test was observed by key stakeholders, such as the UAE General Civil Aviation Authority, Abu Dhabi Investment Office, and Archer’s regional partners.
Road Ahead for ACHR
Archer intends to expand its flight-testing program in the UAE after having completed this test successfully.
CEO Adam Goldstein called it a “critical milestone.” He added, “Testing our aircraft in actual operating conditions in the middle of summer provides us with the data we need to progress our commercial and certification efforts both in the UAE and in the U.S.”
At the same time, ACHR is actively making efforts to prepare for the commercial launch and strengthen its position in the electric flying taxis market.
Archer joined a five-nation alliance (U.S., U.K., Australia, Canada, New Zealand) to streamline eVTOL certification across borders. Also, it has signed commercial deals with Abu Dhabi Aviation, Ethiopian Airlines, and PT Industri Ketahanan Nasional in Indonesia.
In addition, Archer Aviation has bagged regulatory design approval for the UAE’s first hybrid heliport, which will be located at the Abu Dhabi Cruise Terminal.
Is ACHR a Good Stock to Buy?
On TipRanks, ACHR stock has a Moderate Buy consensus rating based on four Buys and two Holds assigned in the last three months. The average Archer Aviation stock price target of $11.75 suggests an upside potential of 18.03% from its current price.
