ACHR Stock Alert: Archer Aviation secures marketing partner in South Korea

Archer Aviation (NYSE:ACHR) shares are in the headlines on Thursday after the electric vertical takeoff and landing (eVTOL) company secured a commercialization partner in South Korea.

Archer Aviation cooperates with CocoaMobility for its commercialization efforts in South Korea. KakaoMobility will serve as the owner and operator of Archer Aviation’s Midnight aircraft in the country.

KakaoMobility plans to offer air taxi services to users of its mobile app Kakao T. The company has 30 million users of this app who would benefit from a reduction in their average daily commute time of 90 minutes due to traffic.

Archer Aviation and KakaoMobility plan to offer air taxi services as early as 2026. The companies expect their first test flights in the country to start this year.

Nikhil Goel, Chief Commercial Officer of Archer Aviation, commented on the partnership:

“Archer is expanding its international launch strategy to South Korea through this groundbreaking partnership between Archer Aviation and KakaoMobility. Together, we aim to revolutionize transportation with Archer’s eVTOL aircraft and usher in a future of cleaner, faster and more efficient travel between and within Korean cities.”

ACHR stock movement on Thursday

Despite the new partnership, ACHR stock is barely trading today. At the time of writing, only about 1.8 million shares have changed hands. That’s still well below the average daily trading volume of about 5.3 million shares.

ACHR shares are up 4.3% since Thursday morning, but have lost 45.9% since the beginning of the year.

Investors who want to know more about the latest stock market news are in luck!

We have all the hot stock market news traders need to know on Thursday. This includes what is affecting the stocks of Foreclosure (NYSE:CRM), Disney (NYSE:DIS) And UiPath (NYSE:AWAY) Stock movements today. All this information can be found at the links below!

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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.