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 – reduce the hours lost in traffic and elevate everyday travel with an electric air taxi service that features Archer’s Midnight aircraft,"" said KakaoMobility senior vice president Christopher SungWook Chang. Archer's chief commercial officer Nikhil Goel added: ""Together, we are committed to revolutionizing transportation with Archer’s eVTOL aircraft, ushering in a future of cleaner, faster, and more efficient travel between and within Korean cities."" [embed]https://twitter.com/ArcherAviation/status/1796125526727467095?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet[/embed] To support its UAM objective, the country's ministry of land, infrastructure and transport is hosting the ""K-UAM Grand Challenge""; a public-private joint demonstration of eVTOL aircraft intended to build public support. KakaoMobility plans to offer its user the opportunity to travel via Archer's aircraft in some of the country's largest cities, beginning its it capital city Seoul.