Stellantis Boosts Archer Aviation with US$55M Investment
Archer Aviation Inc., a leader in electric vertical takeoff and landing (eVTOL) aircraft, has announced an additional US$55m investment from Stellantis. It follows Archer's successful transition flight test milestone last month and is part of the company's ongoing strategic funding agreement.
Building on previous investments
This latest investment builds on Stellantis' series of open-market purchases of 8.3 million shares of Archer's stock in March 2023. Over 2023, Stellantis has invested a total of US$110m in Archer through a combination of open-market stock purchases and strategic funding agreements.
"Few things rival the excitement of seeing a dream take flight. I applaud the innovation, expertise, and hard work of the engineering and manufacturing teams from Stellantis and Archer. With this additional investment in Archer, we remain on course for a future where freedom of mobility extends beyond today's roads," says Carlos Tavares, CEO of Stellantis.
Transforming urban travel
Archer's vision is to revolutionise urban travel by replacing 60–90-minute car commutes with 10–20-minute electric air taxi flights. These flights are designed to be safe, sustainable, low-noise, and cost-competitive with traditional ground transportation. Archer's flagship aircraft, Midnight, is a piloted four-passenger eVTOL designed for rapid, back-to-back flights with minimal charge time between each journey.
High-volume manufacturing facility
Archer is on track to complete the construction of its high-volume manufacturing facility in Georgia later this year. The first phase involves a 350,000-square-foot facility on a 100-acre site capable of producing up to 650 aircraft annually.
It would make it one of the largest manufacturing facilities by volume in the aircraft industry. The goal is to leverage Stellantis' manufacturing expertise to support Archer's planned commercial ramp-up.
"The commitment by Stellantis to Archer has been unrivalled, from its foresight to provide the manufacturing expertise and capital needed to accelerate Archer's business objectives, to the strategic vision and steadfast support from Stellantis CEO, Carlos Tavares.
"Together, we're working to redefine urban transportation, opening new worlds of opportunity for citizens across the globe by providing more efficient access to people, places, and events across the regions they live in," highlights Stellantis's vital role in Archer CEO, Adam Goldstein.
The partnership between Stellantis and Archer Aviation marks a significant step forward in the future of urban transportation.
With Stellantis' substantial investments and Archer's innovative technology, the vision of efficient, sustainable, and accessible urban air mobility is becoming a reality.
The construction of Archer's high-volume manufacturing facility and the continued support from Stellantis both underscore the potential for transforming how people move within cities, making urban air taxis a feasible option in the near future.
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