The aviation startup said it would launch an “air mobility network” in Los Angeles to combat the city’s notorious congestion. Vertiports, where Archer’s Midnight eVTOL aircraft will takeoff and land, are being planned for LAX, Orange County, Santa Monica, Hollywood Burbank, Long Beach, Van Nuys, and the University of California. If the company can get the proper approvals from the FAA, service will launch in early 2026.
Today was supposed to be the day we got our first glimpse of Tesla’s much-hyped (but probably not fully operational) robotaxi. Instead, the event was pushed to October after Tesla CEO Elon Musk ordered some design changes to the prototype. Of course, as many theorized, the event was likely little more than a distraction from the company’s declining sales. And reports from the field of Tesla owners using Full Self-Driving don’t inspire much hope about the robotaxi’s near term viability.
$1.5 billion to be exact, and only five months since the last major cash infusion of $1 billion. The money comes in the form of “$750 million of convertible preferred stock via private placement” and “a $750 million unsecured delayed draw term loan facility,” both from Ayar Third Investment, an affiliate of Saudi Arabia’s Public Investment Fund. The money has helped the cash-losing EV maker from heading down a similar path as some of its less financially stable peers.
