Update - archer announces commitment to launching its urban air mobility network in los angeles by 2024

Palo alto, calif., feb. 23, 2021 (globe newswire) -- california-based archer, who are designing and developing electric vertical takeoff and landing aircraft (evtol), today announced their commitment to launching their first urban air mobility (uam) network in los angeles by 2024. archer is excited to explore the potential for uam to address some of southern california's mobility challenges and provide a new option for people to travel more freely in and around dense metropolitan areas. archer's uam platform will move people throughout cities in a fast, safe, sustainable, and cost-effective manner. the fully electric vertical takeoff and landing aircraft is expected to travel distances of up to 60 miles at 150 mph using technology available today, transforming how people approach everyday life, work and adventure, while benefiting the environment and working towards a future zero-emissions world. archer's recently announced merger with atlas crest investment corporation (nyse: acic) and a $1bn commercial order from united airlines, which is subject to united's business and operating requirements, values the company at $3.8 billion and puts archer in prime position to integrate uam as part of cities' future transportation networks. a demonstration of its commitment to los angeles, archer is supporting efforts to educate the city's residents about the new transportation technology. los angeles mayor eric garcetti announced the urban air mobility partnership in december 2020, a first-of-its-kind initiative in the u.s. to engage and empower residents to shape the future of la's airspace. a collaboration between the mayor's office, the los angeles department of transportation (ladot), and urban movement labs (uml), the program will develop strategies for the integration of uam into existing transportation networks and land use policies to prioritize equity of access, connections to transit, purpose-driven data sharing, and local workforce development. “our partnership with the city of los angeles will be one of our major milestones in bringing quick, safe, affordable everyday flight to dense urban locations,” said adam goldstein, co-founder and co-ceo of archer.
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