Benzinga | Dec 2, 2021 07:10AM EST

Apple Loses Another Key Car Engineer: All You Need To Know

Electric air taxi start-up Archer Aviation Inc (NYSE:ACHR) roped in Apple Inc (NASDAQ:AAPL) Apple Special Projects Group engineering director Michael Schwekutsch as its SVP engineering, CNBC reports. Schwekutsch will lead the Archer's battery and electric motor development efforts.

* Former Apple's VP of special projects, Doug Field, left in September to lead Ford Motor's (NYSE:F) emerging technology efforts.

* Archer is working on electric-powered air taxis that take off and land vertically.

* Archer aims to transport passengers on short trips, avoiding traffic on the ground and the noise and emissions generated by conventional fuel-burning aircraft and cars.

* Archer aims to operate urban air mobility services starting in Los Angeles.

* Archer has already developed a model, Maker, that can carry one passenger and a pilot and is working on a four-passenger model.

* Analyst rating: Recently, Cantor Fitzgerald analyst Andres Sheppard initiated coverage of Archer with an Overweight rating and a $14 price target, implying a 130.3% upside.

* Archer is developing electric vertical takeoff and landing aircraft that will serve as an alternative ride-sharing mode of transport for passengers traveling within cities in the U.S.

* The analyst says the company benefits from an "innovative and disruptive" business model, "strong" partnerships, first-mover advantage, high barriers to entry, and an attractive valuation following the recent share price underperformance.

* Price Action: ACHR shares traded higher by 4.28% at $6.34 in the premarket session on the last check Thursday.