Stellantis Invests Further in Archer Aviation, Strengthening eVTOL Development and Manufacturing
Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) and Archer Aviation Inc. (NYSE: ACHR), a pioneer in electric vertical takeoff and landing (eVTOL) aircraft, announced a significant $55 million investment from Stellantis following Archer’s successful transition flight test milestone last month.
This latest infusion of capital adds to Stellantis’ earlier market purchases of 8.3 million shares of Archer stock in March and the substantial $110 million investment made in 2023 under their strategic funding agreement.
Archer’s high-volume manufacturing facility in Covington, Georgia, is nearing completion and remains on schedule to be finalized by the end of this year. The first phase of this ambitious project encompasses approximately 350,000 square feet on a 100-acre site, capable of producing up to 650 aircraft annually. This facility is poised to become one of the largest aircraft manufacturing sites by volume, leveraging Stellantis’ expertise as Archer’s contract manufacturer to support their commercial ramp-up.
“Witnessing a dream take flight is an unparalleled experience. I commend the innovation and dedication of the engineering and manufacturing teams at both Stellantis and Archer,” said Carlos Tavares, CEO of Stellantis. “With this additional investment, we are advancing towards a future where the freedom of mobility transcends traditional roads.”
Archer CEO Adam Goldstein expressed gratitude for Stellantis’ unwavering commitment, noting, “Stellantis has demonstrated unmatched foresight and support, providing the manufacturing expertise and capital necessary to expedite Archer’s business objectives. Together, we are redefining urban transportation, creating new opportunities for people worldwide by offering more efficient access to their destinations.”
Since their partnership began in 2020, Stellantis has been integral to Archer’s progress, offering substantial manufacturing, supply chain, and design expertise. Archer aims to revolutionize urban travel by replacing lengthy car commutes with swift, safe, and sustainable electric air taxi flights. The Archer Midnight, a piloted four-passenger aircraft, is designed for rapid, consecutive flights with minimal charging time, promising a transformative urban mobility solution.
