KakaoMobility to fund Archer’s UAM commercialisation plans in Korea

US eVTOL developer Archer Aviation and Korea’s leading mobility as a service platform company KakaoMobility, have signed an agreement to partner for joint participation in the Korean government’s goal of commercialising urban air mobility (UAM) in the country by mid-2020s. Under the agreement, KakaoMobility will purchase up to 50 of Archer’s Midnight eVTOL aircraft worth up to approximately $250 million, including pre-delivery payment that are expected in 2025. KakaoMobility will pay Archer $7 million in 2024 as the first instalment to cover early commercialisation efforts in Korea, with a second instalment expected in January 2025. “The vision is clear –