<p><strong>Archer Aviation</strong>（ACHR 7.09%）提议的空中出租车最近在测试中创下了一些新的飞行记录，自那以来其股票一直在上涨。</p>
<p>在九月底，该公司再次引起公众的关注，因为其 Midnight 飞机在测试飞行中达到了 7,000 英尺和 10,000 英尺的高度，这是迄今为止的最高高度。就在此之前，一名飞行员进行了迄今为止最长的飞行：约 55 英里，耗时 31 分钟。</p>
<p>这两个记录进一步证明了 Archer 具备将其飞行出租车愿景变为现实的能力，而且时间相对较快。</p>
<p>随着 Archer 接近商业化，其股票仍然低于 12 美元，现在是购买这只交通运输股票的好时机吗？</p>
<h2>Archer 如何革新城市交通</h2>
<p>Archer 正在研发小型电动垂直起降（eVTOL）飞行器，旨在进行短途飞行。其旗舰飞行器 Midnight 设计用于搭载四名乘客和一名飞行员，进行约 15 到 20 英里的点对点旅行。</p>
<p>尽管 eVTOL 市场尚不存在，但一旦它们可用，需求可能会迅速增长。这是因为它们可以帮助解决城市生活中最棘手的问题之一：交通拥堵。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMwMzIvZXZ0b2xzLWFib3ZlLW55Yy5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMwMzIvZXZ0b2xzLWFib3ZlLW55Yy5wbmcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>出租车、打车平台和城市公共交通在一定程度上缓解了交通堵塞。尽管如此，繁忙时段的城市街道仍然会将短途驾驶变成漫长的一个小时的旅程。</p>
<p>当你试图前往机场或医院等地方时，交通更是令人沮丧，因为时间至关重要。实际上，Archer 与 <strong>联合航空</strong> 的合作并不奇怪。前往机场的短途旅行可能会成为该公司未来的一个主要增长点。</p>
<h2>朝着关键监管里程碑飞行</h2>
<p>下一个可能使 Archer 股票飙升的事件是 Midnight 获得联邦航空管理局（FAA）的型号认证，这将允许其商业性地载客飞行。</p>
<p>该公司在追求这一目标的过程中取得了进展。它已获得 141 部分用于飞行员培训和 135 部分以开始商业运营。现在，它正在积极追求型号认证。</p>
<p>与此同时，白宫一直在推动 eVTOL 的发展。在唐纳德·特朗普总统发布的一系列行政命令之后，Archer 参与了一项 eVTOL 试点计划，该计划可能会在 2026 年看到 Midnight 飞机在美国的试运营。</p>
<p>大约在同一时间，Archer 被指定为 2028 年洛杉矶奥运会的官方空中出租车提供商。这个庞大的城市经历了美国最严重的交通拥堵，如果 Archer 能够实现其目标，奥运会将为其展示 eVTOL 的潜力提供一个绝佳的机会。</p>
<h2>梦想的阴暗面</h2>
<p>Archer 的愿景是一项大胆的尝试，旨在开始颠覆一个已经很长时间没有经历重大变革的交通行业。就像月球本身一样，这一愿景也有其阴暗面——至少在它仍然只是一个愿景的时候。</p>
<p>这个阴暗面是要使 eVTOL 成为日常存在所需的惊人工作量。公司获得监管批准以飞行其空中出租车是一回事，而建立全面支持这些飞行器的基础设施并开发一个允许它们飞行并盈利的系统则是另一回事。</p>
<p>Archer 需要建造大量飞机，这将不是一笔小开支。它还需要建造或租赁多个垂直起降场以供降落和起飞。它还需要电池、充电站和飞行员。正如你可能猜到的，最好的情况下，其近期的资本支出将会很大。</p>
<p>与此同时，Archer 声称拥有 60 亿美元的订单，这几乎与其目前约 72 亿美元的市场估值相当。截止到 6 月底，它还拥有约 17 亿美元的现金头寸——比其主要竞争对手 <strong>Joby Aviation</strong> 多出超过 7 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3bcdaa41934e6758c03540746d463c89.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3bcdaa41934e6758c03540746d463c89.png"/></p>
<p>JOBY 现金和短期投资（季度）数据来源于 YCharts。</p>
<h2>在股价低于 12 美元时是否应该购买 Archer？</h2>
<p>如果 Archer 能够实现其愿景并获得 Midnight 的监管批准，今天的股价在回顾时可能显得微不足道。</p>
<p>与此同时，这并不适合每个投资组合。例如，保守的投资者可能会想要避开。Archer 尚未产生收入，它尚未开发出广泛推出 eVTOL 作为空中出租车所需的基础设施，并且在构建未来的过程中将会遭受重大损失。任何挫折、延误或负面消息都可能使股票大幅下跌。</p>
<p>因此，我会将这只股票视为潜在的投机性投资，但我不会将其作为核心持仓。</p>
<p>对于那些了解自己在购买什么的成长型投资者来说，增加一部分 Archer 的投资可能会让你接触到一个 <strong>摩根士丹利</strong> 预测在 25 年后可能价值约 9 万亿美元的 eVTOL 市场。然而，风险承受能力较低的投资者可能希望等到 Archer 达到另一个关键里程碑——如 FAA 批准——再考虑这只股票。</p>

ACHR

联合航空

<p>Archer Aviation 的股票正在上涨，因为它的 Midnight 空中出租车创下了新的飞行记录，达到了 7,000 和 10,000 英尺的高度。该公司接近商业化，并与联合航空建立了短途旅行的合作关系。Archer 正在追求 FAA 的型号认证，预计将在 2026 年进行试运营，并在 2028 年洛杉矶奥运会上发挥作用。然而，需要大量的基础设施和资本支出，尽管股票价格低于 12 美元，但由于其尚未产生收入的状态和预期的亏损，这可能不适合保守投资者</p>

<p><strong>Archer Aviation</strong>'s (ACHR 7.09%) proposed air taxi recently set some new flight records in testing -- and its stock has been climbing ever since.</p>
<div class="lb-trans"><p><strong>Archer Aviation</strong>（ACHR 7.09%）提议的空中出租车最近在测试中创下了一些新的飞行记录，自那以来其股票一直在上涨。</p>
</div><p>At the end of September, the company caught the public's eye again when its Midnight aircraft reached altitudes of 7,000 feet and 10,000 feet during test flights, its highest altitudes to date. Shortly before that, a pilot took one on its longest flight so far: about 55 miles in 31 minutes.</p>
<div class="lb-trans"><p>在九月底，该公司再次引起公众的关注，因为其 Midnight 飞机在测试飞行中达到了 7,000 英尺和 10,000 英尺的高度，这是迄今为止的最高高度。就在此之前，一名飞行员进行了迄今为止最长的飞行：约 55 英里，耗时 31 分钟。</p>
</div><p>Both records add to the growing body of evidence that Archer has what it takes to turn its vision of flying taxis into a reality -- and relatively soon.</p>
<div class="lb-trans"><p>这两个记录进一步证明了 Archer 具备将其飞行出租车愿景变为现实的能力，而且时间相对较快。</p>
</div><p>With Archer getting close to commercialization and its shares still trading for under $12, is now the time to buy this transportation stock?</p>
<div class="lb-trans"><p>随着 Archer 接近商业化，其股票仍然低于 12 美元，现在是购买这只交通运输股票的好时机吗？</p>
</div><h2>How Archer could revolutionize urban transportation</h2>
<div class="lb-trans"><h2>Archer 如何革新城市交通</h2>
</div><p>Archer is engineering small electric vertical takeoff and landing (eVTOL) craft intended for short-hop flights. Its flagship craft, Midnight, is designed to carry four passengers plus a pilot, shuttling them on point-to-point trips of about 15 miles to 20 miles.</p>
<div class="lb-trans"><p>Archer 正在研发小型电动垂直起降（eVTOL）飞行器，旨在进行短途飞行。其旗舰飞行器 Midnight 设计用于搭载四名乘客和一名飞行员，进行约 15 到 20 英里的点对点旅行。</p>
</div><p>Although the market for eVTOLs doesn't exist yet, demand for them could spread rapidly once they become available. That's because they can help address one of urban life's thorniest problems: traffic.</p>
<div class="lb-trans"><p>尽管 eVTOL 市场尚不存在，但一旦它们可用，需求可能会迅速增长。这是因为它们可以帮助解决城市生活中最棘手的问题之一：交通拥堵。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMwMzIvZXZ0b2xzLWFib3ZlLW55Yy5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833032%2Fevtols-above-nyc.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Taxis, ride-hailing platforms, and urban transit have all alleviated gridlock to some degree. Even so, congested city streets at rush hour can still turn short-distance drives into grueling hour-long trips.</p>
<div class="lb-trans"><p>出租车、打车平台和城市公共交通在一定程度上缓解了交通堵塞。尽管如此，繁忙时段的城市街道仍然会将短途驾驶变成漫长的一个小时的旅程。</p>
</div><p>Traffic is even more frustrating when you're trying to get to places like airports or hospitals, where time is of the essence. Indeed, it's no wonder that Archer has a partnership with <strong>United Airlines</strong>. Short-hop trips to airports could become a major growth vector for the company in the future.</p>
<div class="lb-trans"><p>当你试图前往机场或医院等地方时，交通更是令人沮丧，因为时间至关重要。实际上，Archer 与 <strong>联合航空</strong> 的合作并不奇怪。前往机场的短途旅行可能会成为该公司未来的一个主要增长点。</p>
</div><h2>Flying toward key regulatory milestones</h2>
<div class="lb-trans"><h2>朝着关键监管里程碑飞行</h2>
</div><p>The next event that could send Archer stock soaring would be the Midnight receiving its type certification from the Federal Aviation Administration (FAA), which would allow it to fly paying passengers commercially.</p>
<div class="lb-trans"><p>下一个可能使 Archer 股票飙升的事件是 Midnight 获得联邦航空管理局（FAA）的型号认证，这将允许其商业性地载客飞行。</p>
</div><p>The company's making progress in pursuit of that goal. It has Part 141 for pilot training and Part 135 to begin commercial operations. And it's now actively pursuing type certification.</p>
<div class="lb-trans"><p>该公司在追求这一目标的过程中取得了进展。它已获得 141 部分用于飞行员培训和 135 部分以开始商业运营。现在，它正在积极追求型号认证。</p>
</div><p>Meanwhile, the White House has been promoting eVTOL development. In the wake of a flurry of executive orders issued by President Donald Trump, Archer is taking part in an eVTOL pilot program that could see trial operations of Midnight craft in the U.S. in 2026.</p>
<div class="lb-trans"><p>与此同时，白宫一直在推动 eVTOL 的发展。在唐纳德·特朗普总统发布的一系列行政命令之后，Archer 参与了一项 eVTOL 试点计划，该计划可能会在 2026 年看到 Midnight 飞机在美国的试运营。</p>
</div><p>Around the same time, Archer was named the official air taxi provider of the 2028 Los Angeles Olympics. That sprawling city experiences some of the worst traffic congestion in the U.S., and assuming that Archer is able to meet its goals, the Olympics would offer it a prime-time opportunity to showcase the potential of its eVTOLs to the world.</p>
<div class="lb-trans"><p>大约在同一时间，Archer 被指定为 2028 年洛杉矶奥运会的官方空中出租车提供商。这个庞大的城市经历了美国最严重的交通拥堵，如果 Archer 能够实现其目标，奥运会将为其展示 eVTOL 的潜力提供一个绝佳的机会。</p>
</div><h2>The dark side of the dream</h2>
<div class="lb-trans"><h2>梦想的阴暗面</h2>
</div><p>Archer's vision is a moonshot, an ambitious attempt to begin disrupting a transportation industry that hasn't experienced a massive shift in quite a while. And, like the moon itself, this vision has a dark side -- at least while it remains just a vision.</p>
<div class="lb-trans"><p>Archer 的愿景是一项大胆的尝试，旨在开始颠覆一个已经很长时间没有经历重大变革的交通行业。就像月球本身一样，这一愿景也有其阴暗面——至少在它仍然只是一个愿景的时候。</p>
</div><p>That dark side is the staggering amount of work that still needs to be done to make eVTOLs an everyday presence. It's one thing for the company to get regulatory approval to fly its air taxis. It's quite another to put the infrastructure in place to fully support those craft, and then develop a system that allows them to fly and turn a profit.</p>
<div class="lb-trans"><p>这个阴暗面是要使 eVTOL 成为日常存在所需的惊人工作量。公司获得监管批准以飞行其空中出租车是一回事，而建立全面支持这些飞行器的基础设施并开发一个允许它们飞行并盈利的系统则是另一回事。</p>
</div><p>Archer will need to build a lot of aircraft, which isn't going to be cheap. It will also need to build or lease numerous vertiports for landings and takeoffs. It'll also need batteries, charging stations, and pilots. As you can probably guess, in the best case, its capital expenditures in the near term will be large.</p>
<div class="lb-trans"><p>Archer 需要建造大量飞机，这将不是一笔小开支。它还需要建造或租赁多个垂直起降场以供降落和起飞。它还需要电池、充电站和飞行员。正如你可能猜到的，最好的情况下，其近期的资本支出将会很大。</p>
</div><p>At the same time, Archer claims to have a $6 billion order book, which is almost as much as its present market valuation of about $7.2 billion. It also had a hefty cash position of about $1.7 billion as of the end of June -- over $700 million more than its chief rival, <strong>Joby Aviation</strong>.</p>
<div class="lb-trans"><p>与此同时，Archer 声称拥有 60 亿美元的订单，这几乎与其目前约 72 亿美元的市场估值相当。截止到 6 月底，它还拥有约 17 亿美元的现金头寸——比其主要竞争对手 <strong>Joby Aviation</strong> 多出超过 7 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3bcdaa41934e6758c03540746d463c89.png" alt="" original-src="https://media.ycharts.com/charts/3bcdaa41934e6758c03540746d463c89.png"/></p>
<p>JOBY Cash and Short Term Investments (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>JOBY 现金和短期投资（季度）数据来源于 YCharts。</p>
</div><h2>Should you buy Archer while it's under $12?</h2>
<div class="lb-trans"><h2>在股价低于 12 美元时是否应该购买 Archer？</h2>
</div><p>If Archer executes on its vision and gets regulatory approval for its Midnight craft, today's share price could seem like peanuts in retrospect.</p>
<div class="lb-trans"><p>如果 Archer 能够实现其愿景并获得 Midnight 的监管批准，今天的股价在回顾时可能显得微不足道。</p>
</div><p>At the same time, it isn't appropriate for every portfolio. Conservative investors, for instance, will likely want to stay away. Archer is pre-revenue, it has not yet developed the infrastructure that it will require to roll out its eVTOLs widely as air taxis, and it will incur significant losses in the process of building out its future. Any setbacks, delays, or negative news could send the stock reeling.</p>
<div class="lb-trans"><p>与此同时，这并不适合每个投资组合。例如，保守的投资者可能会想要避开。Archer 尚未产生收入，它尚未开发出广泛推出 eVTOL 作为空中出租车所需的基础设施，并且在构建未来的过程中将会遭受重大损失。任何挫折、延误或负面消息都可能使股票大幅下跌。</p>
</div><p>As such, I would view this stock as a potential speculative play, but I wouldn't make it a core holding.</p>
<div class="lb-trans"><p>因此，我会将这只股票视为潜在的投机性投资，但我不会将其作为核心持仓。</p>
</div><p>For growth investors who know what they're buying, adding a slice of Archer could expose you to an eVTOL market that <strong>Morgan Stanley</strong> forecasts could be worth about $9 trillion 25 years from now. Those who have a low risk tolerance, however, might want to wait for Archer to hit another key milestone -- like FAA approval -- before considering the stock.</p>
<div class="lb-trans"><p>对于那些了解自己在购买什么的成长型投资者来说，增加一部分 Archer 的投资可能会让你接触到一个 <strong>摩根士丹利</strong> 预测在 25 年后可能价值约 9 万亿美元的 eVTOL 市场。然而，风险承受能力较低的投资者可能希望等到 Archer 达到另一个关键里程碑——如 FAA 批准——再考虑这只股票。</p>
</div>

在 Archer Aviation 股价低于 12 美元时，你是否应该购买？