Stellantis Invests Up to $150M in Archer Aviation's eVTOL Aircraft
Stellantis, the multinational automotive manufacturer, has agreed to invest up to $150 million in Archer Aviation, a leading developer of electric vertical take-off and landing (eVTOL) aircraft. This significant purchase follows a visit by Stellantis CEO Carlos Tavares to Archer's headquarters and manufacturing facility.
Archer, based in the United States, is developing its first eVTOL aircraft, the 'Midnight', designed to carry up to four passengers plus a pilot at speeds of up to 150 mph. The company aims to obtain FAA type certification for this aircraft in 2025 and has already started building a prototype for flight testing.
Stellantis, which has been a strategic partner to Archer since 2020 and an investor since 2021, purchased around 8.3 million shares of Archer Aviation Inc. This latest investment, totalling up to $150 million over 2023 and 2024, signals Stellantis' commitment to Archer's eVTOL technology. Archer plans to build the Midnight at a 350,000 square feet facility in Georgia, with the capacity to produce up to 650 eVTOL aircraft annually.
Archer is not the only company developing eVTOL vehicles. Competitors like Joby Aviation, Archer Aviation, Wisk Aero, Volocopter, and EHang are also working on similar technologies. EHang has already conducted autonomous flights with passengers in China in 2023.
Stellantis' substantial investment in Archer Aviation underscores the growing interest in electric vertical take-off and landing vehicles. Archer, with its Midnight aircraft, is poised to revolutionize urban air mobility, and Stellantis' support brings this future closer to reality. Archer aims to obtain FAA certification in 2025, marking a significant milestone in the commercialization of eVTOL technology.
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