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  "documentTitle": "Archer Aviation Inc (ACHR)",
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  "presentationDate": "2025-08-27 00:00:00",
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  "notes": "The slide uses a comparative line chart to frame Archer as significantly behind Joby, using the 'Nikola' comparison to imply fraudulent or misleading claims.",
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      "kind": "callout",
      "text": "At best, Archer is where Joby was a full two years ago. This is generous, as at that time, Joby had reported 15% completion but had a larger fleet...",
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      "text": "At best, Archer is where Joby was a full two years ago. This is generous, as it at that time, Joby had reported 15% completion but had a larger fleet and evidence indicates they had done more R&D and amassed far more flight hours and miles flown than Archer has at present.",
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      "text": "FAA TYPE CERTIFICATION PROGRESS",
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      "kind": "disclaimer",
      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "text": "Stage 4 Completion (%): 15%",
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      "kind": "paragraph",
      "text": "Is Archer ready for Type Inspection Authorization (TIA)? Absolutely not. ... Archer has not even produced or flown an aircraft with their 'final' configuration of propeller blades yet.",
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      "kind": "paragraph",
      "text": "Does Archer have a credible fleet size to support near-term Type Certification? ... Archer has no conformal prototype to date.",
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      "text": "Figure 4: FAA Type Certification Progress chart, based on self-reporting information from Joby and Archer shareholder letters...",
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      "text": "Archer Aviation, The Nikola of the Skies",
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