Shares of Archer Aviation (NYSE:ACHR) gave back Monday’s gains, turning lower for the first time in five sessions after Tesla’s (TSLA) long awaited announcement failed to mention any collaboration with the eVTOL maker.
Joby Aviation (JOBY) shares are moving lower in sympathy, currently down more than 3% and the first day in negative territory in six days.
Archer Aviation (NYSE:ACHR) was the subject of speculation Monday that Tesla’s (TSLA) planned to announce a partnership with Archer (NYSE:ACHR) for a possible flying car, or a potential acquisition of the San Jose, California aircraft designer.
The rumors fueled a nearly 20% rally in Archer (NYSE:ACHR) on Monday, taking peers Joby Aviation (JOBY) and Vertical Aerospace (EVTL) higher in tandem.
Instead, Tesla (TSLA) debuted a sub-$40K Model Y and stripped-down version of the Model 3.
Archer Aviation (ACHR) shares were currently trading nearly 8% lower into Tuesday’s close.