Amsterdam and Santa Clara, CA (July 2, 2024) – Stellantis N.V. (NYSE: STLA) has invested an additional $55 million in Archer Aviation Inc. (NYSE: ACHR), a leader in electric vertical takeoff and landing (eVTOL) aircraft. This investment follows Archer’s recent achievement of its transition flight test milestone and is part of the companies’ ongoing strategic funding agreement.
This latest infusion builds on Stellantis’ previous open market purchases of 8.3 million Archer shares in March 2024, and a $110 million investment in 2023. The cumulative support from Stellantis underscores its commitment to Archer’s growth and the advancement of urban air mobility.
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Archer is nearing the completion of its high-volume manufacturing facility in Covington, Georgia. Set to be finalized later this year, the facility spans approximately 350,000 square feet on a 100-acre site and is designed to produce up to 650 aircraft annually. This will position it among the largest manufacturing facilities by volume in the aircraft industry. The partnership leverages Stellantis’ manufacturing expertise to support Archer’s commercial production goals.
Stellantis CEO Carlos Tavares praised the collaboration, stating, “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.” Archer CEO Adam Goldstein highlighted Stellantis’ unrivaled commitment, emphasizing the strategic vision and support from Tavares as pivotal to Archer’s mission to redefine urban transportation.
Archer aims to transform urban commutes, offering 10–20 minute electric air taxi flights that are safe, sustainable, and cost-competitive with ground transportation. The Archer Midnight, a piloted four-passenger aircraft, is designed for rapid, back-to-back flights with minimal charge time.
About Stellantis
Stellantis N.V. is a global leader in automaking, known for brands such as Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, and more. The company aims to achieve carbon net zero by 2038 through its Dare Forward 2030 strategic plan. For more information, visit stellantis.com.
About Archer
Archer Aviation is at the forefront of electrifying aviation, developing eVTOL aircraft to revolutionize urban transportation. Learn more at archer.com.
Forward-Looking Statements
This press release contains forward-looking statements about future events and anticipated results, subject to risks and uncertainties. Factors that could cause actual results to differ are detailed in Stellantis’ and Archer’s filings with the SEC. Neither company undertakes any obligation to update these statements, except as required by law.
Source: Stellantis Invests Additional $55 Million In Archer Following Recent Flight Test Milestone
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