Boeing Exits eVTOL Business with Sale to Archer
Boeing has exited the electric vertical takeoff and landing (eVTOL) business by selling its subsidiaries Wisk, SkyGrid, and Insitu to Archer. The deal marks a significant shift in Boeing's focus towards its core businesses. In exchange for an undisclosed sum, Archer will acquire Wisk's autonomous flight technology, which Boeing will retain access to for its current and future commercial and defense aircraft.
Archer's Founder and CEO Adam Goldstein described the deal as 'a watershed moment' for his company, stating that it will enable them to become a diversified platform with rapid growth in revenue. The acquisition is expected to bring scale to Archer's business, accelerating its development of advanced aviation technologies.
The transaction has been met with positive market reaction, with Archer's stock experiencing a 16% increase in early trading. However, some analysts have noted that the timing of the announcement may be linked to Archer's upcoming Q2 results, due after the close today.