The Fundamentals...Archer Aviation may be on the cusp of its big break. By the end of the year, it expects to complete a 400,000-square-foot manufacturing facility for Midnight, its flagship eVTOL platform. The construction is being done with the help of global automaker Stellantis, and it is expected to support the production of over 650 aircraft per year, making Archer Aviation the first eVTOL company to start large-scale manufacturing.
The company also seems to be attracting early clients. In the third quarter, management helped establish a consortium with the Abu Dhabi Investment Office, which plans to launch an air taxi service in the United Arab Emirates in 2025. It also partnered with Japan Airlines and Sumitomo, which plan to order up to $500 million worth of Archer Aviation's Midnight aircraft through their joint venture, Soracle.
In total, Archer Aviation now boasts an indicative order book of over $6 billion, which means it can quickly start generating revenue when commercial operations possibly begin next year.