After Archer achieved a key flight test milestone in June, Stellantis has raised its total investment in the electric vertical take-off and landing (eVTOL) aircraft company to $165 million. Since 2020, Archer has utilized Stellantis’ extensive expertise in manufacturing, supply chain, and design to develop and bring its eVTOL aircraft to market.
Stellantis and Archer Aviation, a player in electric vertical take-off and landing (eVTOL) aircraft, have announced an additional investment of $55 million (Rs 458 crore) from Stellantis following Archer’s successful transition flight test last month. This investment is part of their strategic funding agreement.
This recent financial infusion adds to Stellantis’ previous purchase of 8.3 million shares of Archer stock in March, which was publicly disclosed. Throughout 2023, Stellantis has contributed a total of $110 million (Rs 916 crore) to Archer through both open-market stock acquisitions and strategic funding commitments.
Archer is progressing on schedule with the construction of its large-scale manufacturing facility in Georgia, expected to be completed later this year. The initial phase includes a 350,000-square-foot facility on a 100-acre site, aiming to support the production of up to 650 aircraft annually. This would position it among the industry’s largest by production volume. Archer’s objective for this facility is to facilitate its commercial expansion plans, leveraging Stellantis’ manufacturing expertise.
Carlos Tavares, CEO of Stellantis, expressed his excitement about seeing a dream take flight, noting the thrill of moving towards a future where mobility surpasses traditional roadways through their continued investment in Archer.
Adam Goldstein, CEO of Archer, thanked Stellantis for their relentless support, which has involved supplying manufacturing expertise and financial resources to expedite Archer’s goals. He highlighted that their collaborative efforts are transforming urban transportation, opening up new possibilities for urban residents by providing faster and more efficient access to people, places, and events in their areas.
Since 2020, Stellantis has been a key strategic partner and investor in Archer, offering invaluable support in manufacturing, supply chain, and design to aid Archer’s endeavours in designing, developing, and marketing its eVTOL aircraft.
Archer aims to revolutionize urban commuting by replacing typical 60- to 90-minute car commutes with 10- to 20-minute electric air taxi flights. These flights are designed to be safe, sustainable, low-noise, and economically competitive with traditional ground transportation. Archer’s aircraft, named Midnight, is a piloted, four-passenger model designed for quick, successive flights with minimal charging time in between.
