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flag Archer's stock dropped after Tesla's announcement excluded eVTOLs, but the company secured a $500 million deal for 100 air taxis in Japan.

flag Archer Aviation’s stock fell 8.6% after Tesla’s October 7 announcement of cheaper Model 3 and Model Y vehicles failed to include any mention of electric vertical takeoff and landing (eVTOL) aircraft, ending speculation of a partnership. flag The rumor had briefly sent Archer’s shares up over 30% following a Tesla teaser video with a turbine-like image. flag Despite the setback, Archer secured a $500 million order from Soracle Corporation for 100 Midnight eVTOL aircraft to launch air taxi services in Tokyo, Osaka, and Nagoya. flag The company also maintains partnerships with United Airlines and Los Angeles for urban air mobility, including the 2028 Olympics. flag Archer remains on track for FAA type certification, a critical milestone before passenger service begins later this decade.

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