© Stocksak. FILEPHOTO: Adam Goldstein and Brett Adcock, cofounders and coCEOs of flying taxi firm Archer Aviation, pose for pictures as they prepare for the unveiling and take flight of their all electric aircraft from a facility near Hawthorne in California, U.S.A. June 8, 20,
By Aishwarya Naair
(Stocksak), Archer Aviation Inc. stated that it plans on making 250 battery-electric aircraft taxis in 2025, and scaling up production in the next years. The company also set a goal to get its aircraft certified by the end 2024.
CEO Adam Goldstein spoke to Stocksak about his plans for building 250 aircraft in the first year. 500 aircraft will be built the second year. 650 aircraft will be built the third year. After that, we will scale it up to around 2 000 aircraft per annum,” he said.
Archer aims to certify its pilot-plus-four-passenger aircraft, ‘Midnight’, by end-2024, though the U.S. Federal Aviation Administration (FAA) is still in the process of drawing up certification rules for these futuristic aircraft.
Bill Peterson, JPM analyst said that the production of aircraft is estimated at 20 units by 2025.
“We are not negative about the space, but it will take a longer time to play out with ramp not as steeply as these companies had projected from their SPAC decks more than a year back,” he said.
Archer shares are up 54% so far in this year.
The California-based start up’s electric Vertical Take Off and Landing (eVTOL), aircraft will be certified. This will allow it to compete in a highly competitive market that also includes dozens of other developers like Vertical Aerospace Ltd and Joby Aviation Inc, all trying to revitalize urban transportation.
The sector is still in its infancy and is supported by industrial heavyweights like Toyota Motor (NYSE.) Corp. and Delta Air Lines, (NYSE.) still face significant challenges relating, among other things, to certification, the development of a suitable system for air traffic management, and battery technology improvement.
In May, the FAA stated that it was changing its regulatory approach for certifying eVTOLs. It now defines them as powered lift aircraft rather than small aircraft. This raised concerns about certification delays.
Goldstein predicts that the industry will see demand for 1,000 eVTOL aircraft annually.