“We cannot be successful by producing 1,000 aircraft a year,” said Adcock. In large part, it's about finding a way to produce relatively few aircraft at a profit. To offset costs of producing the electric planes made of expensive composite materials, Archer and Stellantis in January entered into an agreement giving the startup access to the automaker's low-cost supply chain and engineering and design capabilities. The business combination agreement is expected to provide $1.1 billion in gross proceeds to the combined company, according to a company statement.
The company's ticker symbol will be ACHR. In February, Archer announced it was merging with Atlas Crest Investment Corp., a special purpose acquisition company, or SPAC that will result in Archer becoming a publicly traded company, to be listed on the New York Stock Exchange on a date yet to be set. Two other important partners are providing financial and manufacturing backing to help bring Archer's vision to fruition.
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We know how to model the vehicles.how long it takes to charge, how long it can fly, how much maintenance,” explained Adcock. We have data internally that shows where everybody in a city is going at every point in time throughout the day. “We have an entire team here that does systems simulation. United will assist Archer with overall operations including pilot and crew training, maintenance, certification and airport site selection, while Archer will provide assistance to United through its advanced technology. They're helping us get to market better, bring in resources in. “Working with United as an investor, a strategic partner, it's synergistic,” said Adcock. The aircraft, to be delivered in 2024, would primarily be used to transport passengers between its major hubs. He predicts each aircraft will generate over $2 million in annual revenues and over $1 million in operating profits when taking all costs into consideration including batteries, pilots, maintenance, landing fees and depreciation.Īrcher's second revenue stream is triggered by a $1 billion order for aircraft by United Airlines which also holds an option to buy an additional $500 million worth of the planes. Its UAM business will operate half the aircraft it produces as an airborne taxi service. UAM represents one of two revenue streams in Archer's split business model.
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