Stellantis Increases Strategic Shareholding In Archer Aviation
London, 20 March 2024, (Oilandgaspress): – Stellantis N.V. and Archer Aviation Inc. announced that Stellantis recently completed a series of open market purchases of ~8.3 million shares of Archer’s stock signaling Stellantis’ continued confidence in Archer’s plans to bring electric vertical take-off and landing (eVTOL) aircraft to market beginning in 2025. Stellantis’ increased investment in Archer follows CEO Carlos Tavares’ recent visit to Archer’s headquarters and manufacturing facilities in Santa Clara, California.
In January 2023, Stellantis announced that its goal was for Stellantis to mass produce Archer’s Midnight aircraft as its exclusive contract manufacturer thereby allowing Archer to strengthen its path to commercialization by helping it avoid hundreds of millions of dollars of spending. The construction on the first phase of Archer’s high-volume manufacturing facility in Georgia remains on track to be completed later this year. The first phase is a build out of ~350,000 square feet on a ~100 acre site designed to support 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 Midnight aircraft is designed to be safe, sustainable, quiet and carry four passengers plus a pilot. Midnight is optimized for back-to-back short distance trips of around 20-50 miles, with a charging time of approximately 10 minutes in-between.
“Archer has established itself as a market leader in the electrification of aviation and we believe that together we can usher in the next transportation revolution,” said Stellantis CEO Carlos Tavares. “This recent move by Stellantis signals our confidence in Archer’s team and the progress we see firsthand through our deep partnership.”
“We are on the cusp of changing the way the world moves in the sky,” said Adam Goldstein, founder and CEO of Archer. “Archer and Stellantis are working side by side to realize a once-in-a-generation opportunity to redefine urban transportation and deliver tremendous value to the world’s cities and our shareholders.”
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