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Archer Aviation (NYSE:ACHR) stock is climbing higher Thursday on news of United Airlines (NASDAQ:UAL) agreeing to purchase 100 of its flying taxis.

According to Archer Aviation, United Airlines has deposited an initial $10 million for the delivery of the eVTOL aircraft. This follows up on its agreement to acquire the aircraft back in 2021.

This is an important moment for holders of ACHR stock. It takes the company's concept of flying taxis and legitimizes it with a purchase made by a major airline company. As such, it makes sense the shares are gaining today.

Adam Goldstein, CEO of Archer Aviation, said the following about the news.

"I am incredibly proud of the entire Archer team as we reach this milestone in our partnership with United Airlines. To receive a cash deposit is validation of Archer's achievements to date, not only with flight testing and product development, but also a great signal of confidence in our roadmap to commercialization."

News of the flying taxi payment from United Airlines has ACHR stock seeing heavy trading on Thursday. As of this writing, nearly 4 million shares of the company's stock have changed hands. That's a major increase when compared to the company's daily average trading volume of about 2.5 million shares.

ACHR stock is up 14% as of Thursday morning but is down 21.5% since the start of the year.

Investors looking for more of the most recent stock market news are in luck!

We've got them covered with all of the hottest stock market news for Thursday! That includes why shares of Coinbase (NASDAQ:COIN), Tesla (NASDAQ:TSLA), and AcelRx Pharmaceuticals (NASDAQ:ACRX) stock are on the move today. You can get up to speed on all of that news at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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