If you grew up watching The Jetsons, your idea of the future probably looked something like aerial cars zipping through cities, video-chat, androids, and flat-screen TVs. Surprisingly, reality has caught up to The Jetsons in many ways, yet one of its most iconic technologies -- flying cars -- largely remains in the realm of science fiction.
For now, at least.
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Archer Aviation (NYSE: ACHR) is one of several aviation companies trying to make a version of flying cars real. Its Midnight aircraft is an electric vertical takeoff and landing (eVTOL) craft designed to fly passengers above congested city streets at speeds approaching 150 miles per hour. Although the aircraft looks like a drone converted into a helicopter, it's designed to be quieter, cleaner, and more efficient for short urban hops in crowded cities.
That's the dream, and so far Archer has yet to complete a piloted transition flight (that is, transitioning from vertical to horizontal with a ****** pitted pilot). Archer stock, meanwhile, has dipped pretty far into the red, trading today almost 50% lower than its initial listing price.