Stellantis N.V. recently completed a series of open-market purchases of shares in Archer Aviation, which aims to produce all-electric aircraft.
Stellantis purchased about 8.3 million shares of Archer’s stock, proving its confidence in the company’s goal. Archer Aviation plans to manufacture an electric vertical take-off and landing (eVTOL) aircraft. The company aims to launch the eVTOL aircraft to the market by the beginning of 2025.
The legacy automaker increased its investment in Archer’s after Stellantis CEO Carlo Tavares visited the company’s headquarters and manufacturing facilities in Santa Clara, California.
“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. This recent move by Stellantis signals our confidence in Archer’s team and the progress we see firsthand through our deep partnership,” said Tavares.
In January 2023, Stellantis announced its goal to mass-produce Archer’s Midnight aircraft as its exclusive contract manufacturer. Archer Aviation’s Midnight aircraft can carry 5 passengers at a time, including the pilot. It is optimized for short back-to-back trips of around 20-50 miles. It will require a charging time of 10 minutes in between trips.
The automaker sought to ramp up Archer’s dedicated manufacturing facility in Covington, Georgia, a 100-acre site. Stellantis estimates that the first phase of Archer’s high-volume manufacturing factory in Georgia will be completed this year.
The first phase covers roughly 350,000 square feet of the nearly 100-acre site in Georgia. The facility is designed to produce up to 650 aircraft annually. According to Stellantis, Archer’s manufacturing facility would be one of the largest by volume in the aircraft industry.
“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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