Archer to provide electric air taxi service during 2028 L.A. Olympics
Why it matters: The nominally "no-car" Olympics are the biggest possible showcase for the future of urban air mobility.
Driving the news: Through their exclusive partnership, Archer and LA28, the games' host organization, will look to integrate Archer's Midnight aircraft in a variety of ways, such as transporting VIPs, fans and athletes.
The electric vertical takeoff and landing (eVTOL) planes — deemed cleaner, quieter and safer than helicopters — might also be used to provide support for emergency services and security.
Context: Archer last year announced plans for an electric air taxi network in L.A., leveraging partnerships with major airlines like Southwest as well as Signature and Atlantic Aviation, which support private aviation at smaller airports.
The company aims to build vertiports and electric charging infrastructure at key venues like SoFi Stadium and the L.A. Coliseum, as well as at various airports throughout the region, Chief Commercial Officer Nikhil Goel tells Axios.
Yes, but: It's all contingent on getting the green light from the Federal Aviation Administration, which has yet to certify Archer's eVTOL or that of its chief rival, Joby Aviation, which also plans to launch air taxi service in L.A.
What to watch: While they wait for FAA approval, both companies expect to launch their first commercial service in the Middle East this year.
Goel says Archer expects to be allowed to fly commercially in the U.S. next year, and to be flying "at scale" by 2028, when the Summer Olympics begin.
He wouldn't say how large its fleet will be by then, but said it will ramp up safely starting next year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Boston Globe
9 hours ago
- Boston Globe
WNBA star Aliyah Boston joins investment group of NWSL's Boston Legacy FC
'And yes ... Boston repping Boston just felt right!' Worcester Academy After winning an NCAA championship with the South Carolina Gamecocks, Boston Advertisement Jennifer Epstein, controlling owner of Boston Legacy, lauded Boston's entry into the ownership group. 'Aliyah's investment in our club demonstrates the strength of women's sports as our two leagues - the WNBA and NWSL - continue to grow and expand,' said Epstein. 'She is a proven winner who understands what it takes to build a championship team, and her presence in our investor group brings an invaluable athlete perspective. It's an exciting time to see professional female athletes help shape the future of global women's sports.' Related : Advertisement The Legacy will make their NWSL debut in March. They will Boston joins an investment group that includes actress Elizabeth Banks, Olympic gymnast Aly Raisman, and Celtics president Brad Stevens and his wife Tracy. No longer in the group is Linda Henry, CEO of Boston Globe Media, who has officially sold her minority stake in the team. Henry announced her intention to sell her stake in February and is no longer affiliated with the team. Michael Silverman can be reached at
New York Post
19 hours ago
- New York Post
Mark Cuban despises NBA players competing in the Olympics — here's his alternative
Mark Cuban had a major gripe throughout his 23 years of owning the Mavericks — and it was a reason he wound up selling his majority stake. Cuban isn't a fan of the NBA's top players participating in the Olympics. Cuban mentioned that he often pitched to NBA commissioner Adam Silver a similar formula to what soccer does with the Olympics, with the younger athletes participating, while the FIFA World Cup plays as the marquee event with the world's best all competing. 3 Mark Cuban discussed NBA players participating in the Olympics as a reason he SiriusXM NBA Radio 'We could be almost as big as the soccer World Cup … in soccer it's bigger than the Olympics, so we could do the exact same thing,' Cuban described his ideas to Sirius XM. 'But Adam [Silver] wouldn't go for it, so that's why I sold my team.' While Cuban addressed his sale of the team in a joking manner, his ideas were very legitimate. 'Give [the Olympics] our young kids. Do the same thing as soccer. Let the 21-and-under play for the Olympics, and then create our own international World Cup.' Cuban cited injury risk as a driving factor in what set him off each time his players took their talents to the Olympics. 3 Cuban said Adam Silver shot down his proposals for the NBA to follow a soccer-style Olympics and World Cup setup. Brad Penner-Imagn Images 'I hated it,' Cuban told Sirius XM. 'I complained about it every single year. Because, in my attitude, guys going to play for the Olympics, Comcast/NBC is making billions. The IOC, making billions. Even FIBA, making a lot. And we're giving all these guys for free and taking all the injury risk.' Cuban has a point, as the NBA is home to some unbelievably expensive players. For example, Suns star Devin Booker just signed a two-year, $145 million extension, meaning that if he played the full 82 games in a season that he'd be making nearly $1 million per game with his $72.5 million annual salary. 3 Mark Cuban and Clippers owner Steve Ballmer at the NBA Summer League. Getty Images So as an NBA owner, Cuban wasn't fond of these nine-figure-contract players being shelled out to the Olympics while he watches from the sidelines, hoping that none of his players go down with any injuries. Cuban just hoped for some protection for players and owners in the worst-case scenario that a superstar gets hurt outside of the NBA.
Business Insider
a day ago
- Business Insider
Archer Aviation (ACHR) Shares Slip as CFO Exits and ARK Trims Stake, Analysts Still See Upside
Shares of Archer Aviation (ACHR) fell 2.5% to $10.51 on Thursday after the company announced that Chief Financial Officer Mark Mesler officially resigned. Mesler had been on medical leave since September 2024. Priya Gupta, who has served as acting CFO during that time, will continue in the role going forward. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Meanwhile, ACHR shares are up nearly 8% year-to-date, though the stock remains volatile. Investors are watching closely to see how leadership continuity under Gupta will impact execution, especially as Archer aims to commercialize electric vertical takeoff aircraft in the coming years. ARK Invest Trims Its Position in ACHR In connection with the resignation, Archer entered a transition agreement with Mesler. He will receive a one-time cash payment equal to nine months of his base salary, plus three months of his target annual bonus. Some of his unvested restricted stock units will also accelerate over the same period. The company expects to file the full agreement in its upcoming quarterly report. Meanwhile, institutional sentiment on ACHR stock may be shifting. On the same day as the resignation, ARK Invest, led by Cathie Wood, sold shares of ACHR across its ETFs. The sale was part of a broader portfolio rebalance that also included trimming positions in Roku (ROKU) and Coinbase (COIN). ARK still holds a position in Archer, but has been gradually reducing exposure in recent months. Is Archer Aviation Stock a Good Buy? Despite the executive change and selling activity, Wall Street analysts remain positive on the stock. Based on six recent ratings, Archer Aviation boasts a 'Moderate Buy' consensus with an average 12-month price target of $11.75. This implies an 11.8% upside from the current price. Notably, analysts at Canaccord Genuity and Cantor Fitzgerald both reiterated $13 targets this week, while H.C. Wainwright maintained its $18 forecast.
