Mentioned:
Archer Aviation has a new partner: Formula 1.
What’s happening:
- Archer Aviation (NYSE: ACHR) and Formula 1 have struck a new partnership in which Archer Aviation’s flagship electric vertical takeoff and landing aircraft known as Midnight will be at select Grand Prix events
Why it matters:
- Archer Aviation has publicly stated they plan to explore future air taxi service at Grand Prix events in cities that they plan to operate in throughout the United States, Middle East, Asia and Europe
Going deeper:
- Formula 1 and Archer Aviation intend to fly fans to and from circuits aboard Archer Aviation’s Midnight once Archer Aviation begins commercial operations
- Archer Aviation has begun to successfully operate piloted test flights with their Midnight aircraft in the United States, including notably completing a roundtrip flight between Salinas Municipal Airport and Monterey Regional Airport in California
The intrigue:
- Archer Aviation previously made major waves on Wall Street when they entered into a definitive agreement with The Boeing Company (NYSE: BA) to acquire their subsidiaries Wisk Aero, SkyGrid and Insitu
