Stellantis Boosts Archer with $55M Investment After Successful Test Flight

3 months ago Editor

Stellantis has poured an additional $55 million into Archer Aviation following a successful flight test, signaling a strong partnership aimed at revolutionizing urban transportation with electric vertical takeoff and landing (eVTOL) aircraft.

Stellantis has infused an additional $55 million into Archer Aviation, following the successful completion of a crucial flight test milestone. This fresh investment is part of the companies’ strategic funding agreement, which previously saw Stellantis purchase 8.3 million shares of Archer’s stock in March.

In 2023, Stellantis had already committed $110 million to Archer through various means, including open market stock purchases. Archer is on track to finish building its large-scale manufacturing facility in Georgia by the end of this year. The initial phase involves a 350,000 square foot facility on a 100-acre site, designed to produce up to 650 aircraft annually, making it one of the largest in the aircraft industry.

Stellantis CEO Carlos Tavares praised the collaborative effort, stating, “Few things rival the excitement of seeing a dream take flight. With this additional investment in Archer, we remain on course for a future where freedom of mobility extends beyond today’s roads.”

Archer CEO Adam Goldstein highlighted Stellantis’ crucial role, saying, “The commitment by Stellantis to Archer has been unrivaled. Together, we’re working to redefine urban transportation, providing more efficient access to people, places, and events.”

Since 2020, Stellantis has been a strategic partner to Archer, contributing manufacturing, supply chain, and design expertise. Archer’s mission is to transform urban travel by replacing lengthy car commutes with 10-20 minute electric air taxi flights that are safe, sustainable, and cost-competitive with ground transportation. The company’s Midnight aircraft is designed for rapid, back-to-back flights with minimal charge time.