
Archer Aviation Plans to Fly Electric Air Taxis Around LA by 2024
Ben Bergman is the newsroom's senior reporter, covering venture capital. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks. Follow him on Twitter.
Air taxis traveling 150 mph and quietly ferrying passengers up to 60 miles over the sunny skies of Los Angeles could become a reality in three years.
Palo Alto-based Archer Aviation, which is developing electric vertical takeoff and landing aircraft vehicles, announced Tuesday it would launch its first transportation network here by 2024 in collaboration with the city's Urban Movement Labs, which is also working with other companies to develop delivery robots and drones.
"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, in the company's announcement.
The move comes after Archer announced a deal earlier this month that capitalizes on two of the hottest investments of the moment: blank check companies and electric vehicles.
The SPAC valued Archer at a rich $3.8 billion and included United Airlines among the investors.
The carrier also agreed to acquire a fleet of up to 200 aircraft, along with Mesa Airlines.
"Archer's commitment to launch their first eVTOL [electric vertical takeoff and landing] aircraft in one of United's hubs means our customers are another step closer to reducing their carbon footprint at every stage of their journey, before they even take their seat," said Michael Leskinen, vice president of corporate development and investor relations at United Airlines, in a prepared statement.
There are still a slew of regulatory and technology issues to work out but the industry is advancing quickly. The autonomous urban aircraft market could be worth $1.5 trillion by 2040, according to Morgan Stanley.
Subscribe to our newsletter to catch every headline.
On today's episode of Office Hours, hear from GOAT co-founder and CEO Eddy Lu about big, public — and most importantly, resolved — founder fights, insight on when to know it's time to pivot or quit, how GOAT differentiates itself from other sneaker ecommerce sites — and one of GOAT's early and clever growth hacks that convinced consumers the company had more merch than they actually did.
- GOAT's $100M Raise Fuels its Trendsetter Ambitions - dot.LA ›
- Office Hours Podcast: Bill Gurley On Startups, Venture Capital and ... ›
- Mattel CEO Ynon Kreiz on the Power of Brands and Barbie - dot.LA ›
- Daina Trout, Health-Ade Kombucha CEO, on How to Pivot - dot.LA ›
On this week's episode of Office Hours, you'll hear from Gregg Renfrew, serial entrepreneur and founder of clean beauty company, Beauty Counter. She also serves on the board of directors of Supernova, my special purpose acquisition company.
- Office Hours Podcast: Bill Gurley On Startups, Venture Capital and ... ›
- Mattel CEO Ynon Kreiz on the Power of Brands and Barbie - dot.LA ›
- Mattel CEO Ynon Kreiz on the Power of Brands and Barbie - dot.LA ›