Stellantis and Archer Aviation, a leader in electric vertical takeoff and landing (eVTOL) aircraft, announced Archer had received an additional $55 million investment from Stellantis under the companies’ strategic funding agreement following its transition flight test milestone last month.
This investment builds on Stellantis’ previously announced series of open-market purchases of 8.3 million shares of Archer’s stock in March of this year. Last year, Stellantis invested $110 million in Archer through a combination of open-market stock purchases and investments under the companies’ strategic funding agreement.
Archer is on track to complete construction of its high-volume manufacturing facility in Georgia later this year. This first phase of the buildout is about a 350,000-square-foot facility on a 100-acre site designed to support the production of up to 650 aircraft annually, which would make it one of the largest manufacturing facilities by volume in the aircraft industry. Archer’s goal with this facility remains to establish a factory that can support its planned commercial ramp-up by leveraging the expertise of Stellantis as its contract manufacturer.
Stellantis has been a strategic partner to Archer since 2020 through various collaboration initiatives, and as an investor since 2021. And during this time, Archer has utilized Stellantis’ deep manufacturing, supply chain, and design expertise in connection with Archer’s efforts to design, develop, and commercialize its eVTOL aircraft.
Archer’s goal is to transform urban travel, replacing 60–90 minute commutes by car with estimated 10–20 minute electric air taxi flights that are safe, sustainable, low noise, and cost-competitive with ground transportation. And Archer’s Midnight is a piloted and four-passenger aircraft designed to perform rapid back-to-back flights with minimal charge time between flights.
KEY QUOTES:
“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.”
– Carlos Tavares, Stellantis CEO
“The commitment by Stellantis to Archer has been unrivaled, 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.”
– Archer CEO Adam Goldstein
