Stellantis boosts stake in eVTOL firm Archer Aviation
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AMSTERDAM AND SANTA CLARA, CALIFORNIA – Stellantis N.V. (NYSE: NYSE:STLA) has increased its shareholding in Archer Aviation Inc. (NYSE: NYSE:ACHR), an emerging electric vertical take-off and landing (eVTOL) aircraft company. The automaker recently acquired approximately 8.3 million shares through open market transactions, underscoring its confidence in Archer’s vision to commercialize eVTOL aircraft by 2025.
This move follows a visit by Stellantis CEO Carlos Tavares to Archer’s headquarters and manufacturing facilities in California. Stellantis’ growing investment in Archer is a strategic decision, aligning with the company’s broader goals of mass-producing Archer’s Midnight aircraft and supporting the eVTOL developer’s commercialization efforts.
In January 2023, Stellantis announced its exclusive contract manufacturing agreement with Archer, aiming to mass produce the Midnight aircraft and help the aviation company save significant capital expenditure.
The construction of Archer’s high-volume manufacturing facility in Georgia is proceeding as planned, with completion expected later this year. The facility, which spans approximately 350,000 square feet on a 100-acre site, is anticipated to support the production of up to 650 aircraft annually, potentially making it one of the largest by volume in the industry.
The Midnight aircraft, designed to accommodate four passengers plus a pilot, is optimized for short distance trips ranging from 20-50 miles and boasts a quick charging time of around 10 minutes between flights. Stellantis’ partnership with Archer, dating back to 2020, has involved collaboration on manufacturing, supply chain, and design expertise.
Tavares expressed his belief in the partnership’s potential to revolutionize transportation, while Archer’s CEO Adam Goldstein highlighted the joint effort’s promise to transform urban mobility and deliver value to cities and shareholders.
Stellantis, a leading global automaker with a diverse brand portfolio, is on a strategic path to become a carbon net zero mobility tech company by 2038 through its Dare Forward 2030 plan. Archer, headquartered in Santa Clara, is focused on developing eVTOL aircraft to enhance urban air mobility.
The information for this article is based on a press release statement.
