Stellantis N.V. and Archer Aviation Inc. have strengthened their partnership with an additional USD 55 million investment from Stellantis into Archer. This investment follows Archer’s successful transition flight test milestone last month and builds upon Stellantis’ previous investments in the company.
In March, Stellantis had already purchased 8.3 million shares of Archer’s stock on the open market. Throughout 2023, Stellantis invested a total of USD 110 million in Archer through a combination of open market stock purchases and investments under their strategic funding agreement.
Archer is making progress on its manufacturing capabilities, with plans to complete construction of a high-volume manufacturing facility in Georgia later this year. This facility, spanning approximately 350,000 square feet on a 100-acre site, is designed to produce up to 650 aircraft annually. Archer aims to leverage Stellantis’ expertise as its contract manufacturer to support its planned commercial production ramp-up.
Carlos Tavares, CEO of Stellantis, expressed enthusiasm about the partnership, highlighting the innovation and hard work of both companies’ teams. He emphasized that this investment aligns with Stellantis’ vision for the future of mobility.
Archer’s CEO, Adam Goldstein, praised Stellantis’ commitment to the partnership, noting the strategic vision and support provided by Stellantis and its CEO. He emphasised their shared goal of redefining urban transportation to improve access and efficiency in urban regions.
The partnership between Stellantis and Archer dates back to 2020, with Stellantis becoming an investor in 2021. Archer has benefited from Stellantis’ expertise in manufacturing, supply chain, and design in its efforts to develop and commercialize its electric vertical takeoff and landing (eVTOL) aircraft.
Archer’s mission is to transform urban travel by replacing long car commutes with shorter, electric air taxi flights. Their Midnight aircraft is designed to be a safe, sustainable, and cost-competitive alternative to ground transportation.
Stellantis, a leading global automaker, is committed to providing clean, safe, and affordable mobility solutions. The company is working towards becoming a carbon net zero mobility tech company by 2038 as part of its Dare Forward 2030 strategic plan.
Archer positions itself as a leader in aviation electrification, developing key technologies and aircraft to drive the next transportation revolution. Their goal is to use proprietary technology to enhance connectivity in congested urban areas.