Archer Aviation Inc. ( ACHR ) shares are trading higher Thursday after the company announced it has been selected by KakaoMobility as its eVTOL aircraft partner in Korea. 

The Details:

The partnership with KakaoMobility includes joint participation in the K-UAM Grand Challenge and covers the planned purchase of up to 50 of Archer’s Midnight eVTOL aircraft worth up to an approximate value of $250 million, including pre-delivery payments.

KakaoMobility will pay $7 million in 2024 to Archer as the first installment to help fund early commercialization efforts in Korea, with a second installment in the first quarter of 2025.

KakaoMobility plans to conduct public demonstration flights with eVTOL aircraft in Korea in late 2024. 

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“Archer is expanding its international launch strategy to South Korea through this landmark partnership between Archer Aviation ( ACHR ) and KakaoMobility. Together, we are committed to revolutionizing transportation with Archer’s eVTOL aircraft, ushering in a future of cleaner, faster, and more efficient travel between and within Korean cities,” commented Archer’s Chief Commercial Officer Nikhil Goel.

Last week, Archer announced the FAA issued for public inspection the final airworthiness criteria for Archer’s Midnight aircraft. Archer is one of two companies in the world to achieve this certification progress with the FAA for an eVTOL aircraft.

“Midnight is one giant step closer to taking passengers into the sky in the coming years in the U.S. The final airworthiness criteria for Midnight is an important step on our journey to make electric flying taxis an everyday reality,” said Billy Nolen, Archer Chief Regulatory Affairs Officer. 

ACHR Price Action: According to Benzinga Pro, Archer Aviation ( ACHR ) shares are up 7.48% at $3.23 at the time of publication Thursday.

Image: Courtesy of Archer Aviation, Inc. ( ACHR )