Boeing announced an agreement Monday to divest its air taxi and two other technology ventures to Archer Aviation for a stake in the startup. In its May earnings release, Archer said it had completed the "phase three" of the Federal Aviation Administration's four-phase certification process for its Midnight air taxi vehicle.

Boeing is selling three of its subsidiaries to Archer Aviation in exchange for an undisclosed stake in the eVTOL startup.

Archer Aviation will acquire Boeing's Wisk Aero, SkyGrid, and Insitu, gaining autonomous flight tech while Boeing invests in Archer and keeps