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Stock impact report

Electric air taxi maker Archer hits back at Joby in countersuit alleging concealed Chinese ties [Yahoo! Finance]

Archer Aviation Inc. Class A (ACHR) 
Company Research Source: Yahoo! Finance
Image Credits:Archer Aviation Electric air taxi developer Archer Aviation responded to a lawsuit Monday with its own counterclaims that rival Joby Aviation allegedly defrauded the U.S. government and its competitors by falsely presenting itself as an American-made company. The counterclaim, filed in federal court, alleges Joby relied on a Chinese manufacturing subsidiary to source critical components from Chinese suppliers with Chinese government support. Archer further alleges that Joby tried to conceal its “deep ties” to China by fraudulently misclassifying thousands of pounds of Chinese-origin aircraft materials as consumer goods — labeling them as hair clips, socks, and photo albums — to evade U.S. tariffs and foreign-influence oversight. Joby was founded in 2009 in Santa Cruz, California, where it has maintained its corporate headquarters. The company also has facilities in several other U.S. cities and operates internationally in Germany, Austria, Costa Rica, and Shenzhen Show less Read more
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