Electric air taxi company Archer plans $118M Georgia factory

News Summary

  • It lost $91 million in the quarter ended Sept. 30, reporting $600 million in cash on hand.Georgia economic development officials have been focusing on recruiting electric car companies, landing major plants from Rivian Automotive and Hyundai Motor Group last year.
  • The propellers would pivot allowing the aircraft to take off and land like a helicopter and fly like a plane.The idea is that such craft could be used for short flights, especially in urban areas.
  • United later put down a $15 million deposit for 200 aircraft from another company.After building a prototype weighing 3,330 pounds (1,510 kilograms), the company plans to unveil a production model dubbed “Midnight” on Wednesday, aiming for it to enter service in 2025.
  • The company says it wants to produce 650 aircraft per year at the Georgia site, possibly scaling up to 2,300 per year.
  • The U.S. Air Force is also evaluating the company’s aircraft for possible use, Archer has said.Archer is still seeking Federal Aviation Administration certification, but says it could get it in 2024.
  • The company went public last year, raising about $850 million.
ATLANTA (AP) A California company seeking to build small electric aircraft says it will invest $118 million to construct a plant near Atlanta, eventually hiring up to 1,000 people.Archer Aviation, [+5034 chars]