11:31 AM EST, 11/07/2024 (MT Newswires) -- Archer Aviation ( ACHR ) and Soracle, a joint venture by Japan Airlines and Sumitomo, agreed to launch advanced air mobility services in Japan using Archer's Midnight aircraft, Archer said Thursday.

Soracle aims to order up to 100 aircraft, valued at approximately $500 million, and establish urban air routes in cities like Tokyo and Osaka where ground traffic congestion is high, Archer said.

The partnership plans to debut a demonstration flight at the World Expo to bolster public support for electric air taxis as a sustainable transport alternative in Japan, Archer said.

Archer Aviation ( ACHR ) shares climbed by more than 11% in recent trading.

Price: 3.54, Change: +0.33, Percent Change: +10.19