Stellantis invests $55m In Archer
Automaker Stellantis invests $55m in Archer, electric vertical takeoff and landing (eVTOL) aircraft developer, following the latter’s successful transition flight last month.
“Few things rival the excitement of seeing a dream take flight. I applaud the innovation, expertise and hard work of the engineering and manufacturing teams from Stellantis and Archer,” said Carlos Tavares, CEO, Stellantis.
“With this additional investment in Archer, we remain on course for a future where freedom of mobility extends beyond today’s roads.”
Stellantis’ investment builds on series of open market purchases of 8.3m shares of Archer’s stock in March of this year that was previously announced.
Earlier in 2023, Stellantis invested $110m in Archer through a combination of open market stock purchases and investments under the companies’ strategic funding agreement.
Archer claims that it is on track to complete construction on its manufacturing facility in Georgia later this year.
The company has plans to build out 350,000 square foot facility on an 100 acre site designed to support production of up to 650 aircraft annually in the first phase.
“The commitment by Stellantis to Archer has been unrivaled, from its foresight to provide the manufacturing expertise and capital needed to accelerate Archer’s business objectives, to the strategic vision and steadfast support from Stellantis CEO Carlos Tavares,” said Archer CEO, Adam Goldstein.
