ACHR Stock Alert: Archer Receives Financing to Expand Manufacturing Facility

Archer Aviation (NYSE:ACHR) shares are in headlines on Wednesday after the electric vertical takeoff and landing (eVTOL) company announced a new approval for its manufacturing.

The California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) is behind it and has approved the company’s $117 million manufacturing facility in the state, which will provide Archer Aviation with benefits of around $10 million.

Adam Goldstein, founder and CEO of Archer Aviation, said the following about the production facility expansion and funding.

“We are proud to receive this award from CAEATFA and represent the most cutting-edge transportation innovation supported by the State of California. As a leader in aviation electrification, we are working hard to help California achieve its most ambitious climate goals.”

ACHR stock movement on Wednesday

Investors in ACHR stock appear unfazed by the company’s recent news, with shares down 3.9% since Wednesday morning. Shares have also fallen 10.8% since the beginning of the year.

This comes amid weak trading volume for ACHR stock. At the time of this writing, only about 3.8 million shares have changed hands. That’s about half of the company’s average daily trading volume of about 7.3 million shares.

Investors should stay tuned to receive the latest news from the stock market in the future!

We have all the hottest stock market news traders need to know on Wednesday! This includes the latest news on stocks from ASML (NASDAQ:ASML) share, Rivian (NASDAQ:RIVN) inventory and Longeveron (NASDAQ:LGVN) share. You can read all this news at the following links!

More stock market news from Wednesday

At the time of publication, William White had no position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing guidelines.

Article printed by InvestorPlace Media, https://investorplace.com/2024/07/achr-stock-alert-archer-receives-funding-to-expand-manufacturing-facility/.

©2024 InvestorPlace Media, LLC