Stellantis is investing more in Archer Aviation, a Silicon Valley-based company developing electric vertical take-off and landing (eVTOL) aircraft.
According to Stellantis, it is providing an additional $400 million to Archer Aviation. The legacy automaker explained that the additional funding will “help scale Archer’s Midnight manufacturing to 650 aircraft annually through an obligation to cover manufacturing labor costs as well as certain capital expenditures at Archer’s Georgia manufacturing facility through 2030.”
In November 2022, Archer unveiled its Midnight eVTOL aircraft in Palo Alto, California. Midnight is designed to be safe, sustainable, and quiet. It can carry four passengers and one pilot. Midnight also has a payload capacity of over 1,000 pounds.
Stellantis has invested $300 million in Archer thus far, excluding the additional $400 million it recently announced. Archer raised $230 million in equity in the second quarter from institutional and long-time investors. The eVTOL aircraft developer aims to reach its goal of commercialization by early 2025.
As per Archer’s Chief Executive Adam Goldstein, the company’s indicative book is $6 billion, leaving it well-positioned to meet its commercialization goals.
“This has been one of Archer’s most productive quarters yet,” Goldstein commented about Q2 2024.
“From Midnight’s first transition flight, to the progress we’ve made on the build-out of high-volume manufacturing facilities alongside Stellantis, to the commercial progress we’re making with Southwest, United, and more—we are working tirelessly to enable commercial operations all over the world,” added Goldstein.
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