Stellantis N.V. and Archer Aviation Inc. Stellantis has provided a significant $55 million investment under its strategic funding agreement with the company. Following Archer’s successful attainment of its transition flight check milestone last month, the company has built upon previous commitments by delivering an additional $39 million in open market purchases of Archer inventory over the past year, complemented by a $110 million funding injection in 2023.
New investment is expected to accelerate Archer’s efforts towards completing its large-scale production plant in Covington, Georgia. Scheduled for completion within the next 12 months, the initial phase of the project will cover approximately 350,000 square feet. ft on a 100-acre website. The facility aims to facilitate the production of up to 650 aircraft annually, thereby becoming one of the largest aircraft manufacturing sites in terms of volume worldwide. Archer aims to identify a manufacturing partner with the capacity to support its rapid scaling efforts by capitalizing on Stellantis’ extensive manufacturing expertise.
Carlos Tavares, CEO of Stellantis, enthusiastically endorsed the partnership, declaring, “There are few experiences that rival the exhilaration of witnessing a vision become a reality.” The joint endeavour by Stellantis’ engineering and manufacturing teams, in collaboration with Archer, deserves special recognition for their pioneering spirit, collective expertise, and unwavering dedication. “With this additional funding in Archer, we remain firmly on track to create a future where freedom of mobility transcends current road limitations.”
Archer’s CEO Adam Goldstein emphasized the crucial role Stellantis plays in the company’s growth, stating: “Stellantis’ unwavering commitment to Archer has been unparalleled, with its forward-thinking approach providing manufacturing expertise and capital needed to accelerate our business objectives, as well as the strategic vision and steadfast support from Stellantis CEO Carlos Tavares. Together, we’re pioneering a revolution in urban mobility, crafting innovative solutions that empower global communities by providing access to people, places, and experiences across the territories they inhabit.
Since its appointment as a strategic partner in 2020 and investor in 2021, Stellantis has played a pivotal role in supporting Archer by leveraging its extensive expertise in manufacturing, supply chain management, and design. The collaboration enables Archer’s efforts to pioneer the development of an electric vertical takeoff and landing (eVTOL) aircraft, with a vision to transform urban travel by offering safe, environmentally friendly, quiet, and economically viable air taxi services that rival traditional ground transportation options.
The Archer Midnight aircraft is engineered for rapid consecutive flights while minimizing downtime costs, comfortably seating four passengers and a pilot.
The revolutionary aerial transport system is poised to transform urban commutes, slashing travel times from a lengthy 60-90 minutes by car to a mere 10-20 minutes by air.
Visit [www.stellantis.com](http://www.stellantis.com) and [www.archerair.com](http://www.archerair.com) for additional information.
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