Stellantis to mass produce Archer’s Midnight eVTOL
Archer’s long-term partner, Stellantis is to mass produce the Californian OEM’s eVTOL Midnight.
The goal is for Stellantis to mass produce Archer’s eVTOL as its exclusive contract manufacturer. Stellantis will also help to build Archer’s recently announced manufacturing facility in Covington, Georgia, with manufacturing due to begin next year. The multinational car maker will also provide up to $150m in equity capital, subject to certain business milestones which Archer expects to achieve in 2023. Stellantis also plans to increase its shareholding through future purchases of Archer stock in the open market, making it a long-term, cornerstone investor in Archer.
“We’ve been working closely with Archer for the past two years, and I am continually impressed by their ingenuity and unwavering commitment to deliver,” said Carlos Tavares, Stellantis CEO.
“Deepening our partnership with Archer as a strategic investor with plans for growing our shareholding demonstrates how Stellantis is pushing the boundaries to provide sustainable freedom of mobility, from the road to the sky. Supporting Archer with our manufacturing expertise is another example of how Stellantis will lead the way the world moves,” added Tavares.
Stellantis has been a strategic partner to Archer since 2020 through various collaborations, and an investor since 2021.
Adam Goldstein, founder and CEO of Archer, said: “Stellantis’ continued recognition of Archer’s progress toward commercialisation, and today’s commitment of significant resources to build the Midnight aircraft with us, places Archer in a strong position to be first to market. Our two companies are taking these important steps together to realise a once-in-a-generation opportunity to redefine urban transportation.”