(Tiper Stock Exchange) – Stellantis and Archer Aviation significantly extend their partnership by joining forces to produce Midnightthe flagship electric aircraft of Archer, vertical take-off and landing (eVTOL). Stellantis will partner with Archer in the construction of the company’s recently announced production facility in Covington, Georgia, where the companies expect to begin manufacturing the Midnight aircraft in 2024. it is designed to be safe, sustainable, quiet and, with an expected payload of over 1,000 pounds (454 kg), capable of carrying four passengers plus a pilot. With a range of 100 miles (161 km), the Midnight is optimized for short-distance back-to-back trips around 20 miles (32 km), with a recharge time of around 10 minutes.” “Over the past two years We have worked closely with Archer and I have always been impressed by their ingenuity and unwavering commitment to results,” said Carlos Tavares, CEO of Stellantis. “Deepening our partnership with Archer as a strategic investor and with growth of our shareholding, we demonstrate how Stellantis is pushing the envelope to provide a freedom of sustainable mobility, that goes beyond the road, but reaches to the sky. Supporting Archer with our manufacturing expertise is another example of how Stellantis will drive the way the world moves.”
This partnership “unique in the urban air mobility sector will leverage each company’s respective strengths and expertise to bring the Midnight aircraft to market”. “Archer brings its international team of eVTOL, electric propulsion and certification experts, while Stellantis will bring advanced manufacturing technologies and expertise to the partnership, as well as provide experienced personnel and capital.” The merger is expected to enable rapid ramp-up of aircraft production to meet Archer’s commercialization plans, while allowing Archer to strengthen its path to commercialization, helping it reduce spending by hundreds of millions of dollars during the start-up phase of production. The goal for Stellantis is to mass produce Archer’s eVTOL aircraft on the basis of an exclusive contract. “Stellantis’ continued recognition of Archer’s progress towards commercialization, and the current commitment of significant resources to build the Midnight aircraft with us, puts Archer ahead of the competition,” said Adam Goldstein, founder and CEO of Archer. “Our two companies are taking these important steps together to realize the unique opportunity to redefine urban transportation for an entire generation.”
Stellantis “will provide up to $150 million of equity capital for potential use at Archer’s discretion in 2023 and 2024, subject to certain corporate milestones that Archer expects to achieve in 2023 are met.” This was announced by the group that announced today an enhancement of the partnership with Archer for the production of electric aircraft, especially the Midnight. “Stellantis also intends to increase its strategic stake through future open market purchases of Archer shares. These shares, together with the other elements of this partnership, will enable Stellantis to become a long-term lead investor in Archer.
“2023 has started very well with the partnership with Archer. For us it’s all about the freedom of clean, safe and sustainable mobility”. Carlos Tavares “We have deep respect for Tesla, it is very competitive. We have reached a level of sophistication that allows us to challenge other manufacturers, including Tesla. Our technology is ready, we want to compete” and “we will compete with Tesla”: “we will try to beat it” even if “it won’t be easy continues Tavares who adds. “We are in racing mode”.