Stellantis Boosts Investment in Archer Aviation, Aiming to Revolutionize Urban Air Mobility
Stellantis, the world's fourth-largest automaker, has bolstered its commitment to Archer Aviation Inc. by purchasing approximately 8.3 million shares. This move follows Stellantis' CEO, Carlos Tavares, visiting Archer's headquarters and manufacturing facility recently.
Archer, a developer of electric vertical take-off and landing (eVTOL) aircraft, has designed its first model, 'Midnight', to carry up to four passengers and a pilot at speeds reaching 150 mph. Stellantis aims to become Archer's exclusive contract manufacturer, planning to mass-produce these innovative aircraft.
Archer's production plans include a phase 1 facility in Georgia, spanning 350,000 square feet, capable of producing up to 650 eVTOL aircraft annually. Currently, Archer is building an eVTOL aircraft for flight testing, targeting FAA type certification by 2025. Stellantis' investment in 2023, totaling up to $150 million, is intended to help Archer commercialize its aircraft and avoid significant spending.
Other companies working on eVTOL aircraft include Joby Aviation and AIRO Group Holdings. Toyota Motor Corp. has invested around $400 million in Joby. AIRO emphasizes cargo drones and expects certification potentially by 2027.
Stellantis' latest investment in Archer Aviation strengthens their partnership, aiming to bring eVTOL aircraft to the market. Archer's Midnight model, with its speed and passenger capacity, could revolutionize urban air mobility. Stellantis' commitment to mass production and financial support brings Archer closer to commercialization.
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