Strategic Funding to Accelerate eVTOL Aircraft Production
Stellantis N.V. and Archer Aviation Inc. have announced a significant $55 million investment from Stellantis, under the companies’ strategic funding agreement. This follows the achievement of Archer’s transition flight test milestone last month and adds to Stellantis’ prior $39 million in open market purchases of Archer stock earlier this year, alongside a $110 million investment made in 2023.
The funding is expected to bolster Archer’s progress towards completing its high-volume manufacturing facility in Covington, Georgia. Set for completion later this year, the initial phase of the facility spans approximately 350,000 square feet on a 100-acre site. This facility aims to support the production of up to 650 aircraft annually, potentially making it one of the largest aircraft manufacturing sites by volume globally. Archer’s objective is to establish a factory that will support its commercial ramp-up by leveraging Stellantis’ manufacturing expertise.
Carlos Tavares, Stellantis CEO, expressed his enthusiasm for the partnership, stating, “Few things rival the excitement of seeing a dream take flight. I applaud the innovation, expertise and hard work of the engineering and manufacturing teams from Stellantis and Archer. 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 in the company’s growth: “The commitment by Stellantis to Archer has been unrivaled, from its foresight to provide the manufacturing expertise and capital needed to accelerate Archer’s business objectives, to the strategic vision and steadfast support from Stellantis CEO Carlos Tavares. Together, we’re working to redefine urban transportation, opening new worlds of opportunity for citizens across the globe by providing more efficient access to people, places, and events across the regions they live in.”
Since becoming a strategic partner in 2020 and an investor in 2021, Stellantis has been instrumental in providing Archer with deep manufacturing, supply chain, and design expertise. This collaboration supports Archer’s mission to design, develop, and commercialize its eVTOL aircraft, aiming to revolutionize urban travel by offering electric air taxi flights that are safe, sustainable, low noise, and cost-competitive with ground transportation.
Archer’s Midnight aircraft is designed for rapid back-to-back flights with minimal charge time, accommodating four passengers and a pilot. This innovative aircraft is expected to transform urban commutes, reducing travel times from 60–90 minutes by car to an estimated 10–20 minutes by air.
For more information on Stellantis and Archer, visit www.stellantis.com and www.archer.com.
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