United orders electric vertical aircraft, invests in urban air mobility SPAC

United believes you may someday take a small electric aircraft to get to the airport. The airline is joining other investors backing Archer, a start-up developing electric vertical takeoff and landing aircraft. If Archer can get its eVTOL certified by the FAA, it expects to deliver the first aircraft in 2024. “It’s pretty incredible to think how big this market can be,” Archer co-founder and co-CEO Adam Goldstein said. “The partnership with United really gives us a chance to get to market first and really helps us accelerate our timeline.” Palo Alto, California-based Archer, which was founded three years ago, will unveil its first full-scale eVTOL aircraft later this year. The company also plans to develop and manufacture the battery pack that will power the aircraft. Archer said its piloted eVTOL is designed to carry as many as four passengers up to 60 miles at speeds that could reach 150 mph. To go from concept to certified aircraft, Archer is raising $1.1b through a SPAC merger with Atlas Crest Investment Corp. The merger is valued at $3.8b. Among those backing the deal, two firms stand out: Stellantis and United. Stellantis, the new name for the recently merged companies of PSA Peugeot and Fiat Chrysler, is working with Archer to manufacture the carbon-fiber fuselage of the eVTOL aircraft. United has placed a $1b order for 200 Archer eVTOL aircraft, with an option to purchase 100 more for $500m. “By working with Archer, United is showing the aviation industry that now is the time to embrace cleaner, more efficient modes of transportation,” United CEO Scott Kirby said.<br/>