Stellantis buys additional 8.3m shares in Archer Aviation
Automaker Stellantis announced that it has purchased an additional 8.3m shares of Archer Aviation via open market.
“Archer has established itself as a market leader in the electrification of aviation and we believe that together we can usher in the next transportation revolution,” said Carlos Tavares, CEO, Stellantis. “This recent move by Stellantis signals our confidence in Archer’s team and the progress we see firsthand through our deep partnership.”
Stellantis is one of the world’s leading automakers, best known for its brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys.
Earlier in the beginning of 2023, Stellantis said it plans to mass produce Archer’s Midnight aircraft as its exclusive contract manufacturer thereby allowing Archer to strengthen its path to commercialization by helping it avoid hundreds of millions of dollars of spending.
The construction on the first phase of Archer’s high-volume manufacturing facility in Georgia remains on track to be completed later this year.
The first phase is a build out of 350,000 square feet on a 100 acre site designed to support production of up to 650 aircraft annually, which would make it one of the largest manufacturing facilities by volume in the aircraft industry.
