Archer Aviation (ACHR) Jumps 13.6% on $500-Million Midnight Aircraft Orders, Air Taxi Launch in US

We recently published 10 Stocks With Eye-Popping Double-Digit Gains. Archer Aviation Inc. (NYSE:ACHR)is one of the top performers on Friday.

Archer Aviation rallied to a third straight day on Friday, climbing 13.65 percent to close at $11.57 apiece as investors gobbled up shares amid a series of developments, including a new $500 million order and its looming air taxi launch in the US.

In an interview with CNBC, Archer Aviation Inc. (NYSE:ACHR) CEO Adam Goldstein underscored the increasing number of countries watching air taxi developments in the US, and how the US Federal Aviation Administration is reacting to new technologies.

“At the same time, a lot of the other countries want to be involved, and they want to be leaning forward in bringing their advanced mobility to market,” he noted.

Earlier this week, Archer Aviation Inc. (NYSE:ACHR) clinched a $500 million investment with Soracle Corporation—a joint venture company between Japan Airlines and Sumitomo Corp.—to bring advanced air mobility (AAM) services to Japan.

The investment covers the purchase of 100 Midnight aircraft in line with plans to offer an alternative mode of transportation in congested cities in Japan, such as Tokyo, Osaka, Nagoya, Hokkaido, Setouchi, and Okinawa.

Additionally, Archer Aviation Inc. (NYSE:ACHR) remains on track to launch its air taxi operations in the US, Dubai, and Abu Dhabi, following successful test flights in the latter last July.

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Disclosure: None. This article is originally published at Insider Monkey.