Stellantisis making an additional investment of $55 million in Archer, one of the companies working on next-generation aircraft.
Stellantis, the umbrella company of multiple automobile giants, shared the following about its new investment: “Stellentis, one of the world’s largest mobility companies, continues to invest in every area of mobility. Preparing the sector for the future with its passenger and light commercial vehicles developed with innovative technologies, Stellantis also continues its work on alternative mobility solutions. In this context, Stellantis and Archer Aviation Inc., the developer of electric aircraft (eVTOL) that can take off and land vertically in cities, made a statement following last month’s successful test flight. Stellantis NV and Archer Aviation Inc, the leader in electric vertical takeoff and landing (eVTOL) aircraft, announced that Stellantis made an additional investment of $55 million in Archer within the scope of the companies’ strategic financing agreement following last month’s successful test flight. This latest investment builds on Stellantis’ previously announced purchase of 8.3 million public shares of Archer in March of this year. In 2023, Stellantis invested $110 million in Archer through a combination of public market stock purchases and investments within the scope of the companies’ strategic financing agreement. Archer continues to work at full speed to complete construction of its high-volume manufacturing facility in the United States later this year.
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Designed to have a production capacity of up to 650 aircraft per year, the first phase of construction consists of a 350,000-square-foot facility on approximately 100 acres, making the project one of the largest production facilities by volume in the aircraft industry. Archer’s goal for this facility is to create a factory that can support its planned business growth by leveraging Stellantis’ expertise as a contract manufacturer.”
“It is exciting to see this dream come true,” said Stellantis CEO Carlos Tavares. “I congratulate the innovative approach, expertise and hard work of the engineering and manufacturing teams of Stellantis and Archer. With this additional investment in Archer, today’s freedom of mobility continues to advance into a future that extends beyond the roads.” said.
Commenting on the issue, Archer CEO Adam Goldstein said: “Archer’s foresight in providing the manufacturing expertise and capital needed to accelerate its business goals, coupled with the strategic vision and steadfast support of Stellantis CEO Carlos Tavares, is a testament to Stellantis’ commitment to Archer. Together, we are redefining urban mobility, unlocking new opportunities by providing citizens around the world with more efficient access to people, places and activities in their communities.” he spoke.
The following was also reported: “Stellantis has been a strategic partner of Archer since 2020 and an investor since 2021 through various collaboration initiatives. During this time, Archer has leveraged Stellantis’ deep manufacturing, supply chain and design expertise to design, develop and commercialize the eVTOL aircraft.
Archer’s goal is to transform urban mobility by replacing 60-90 minute round trips by car with electric air taxi flights of approximately 10-20 minutes that are safe, sustainable, low-noise and cost-effective compared to ground transportation. Archer Midnight stands out as a piloted, four-person aircraft designed to perform rapid succession of flights with minimal charging time between flights.”