Stellantis is making another investment in Archer
However, Stellantis does not state in the press release exactly how much the car manufacturer paid for those 8.3 million shares and how high the stake is now with the additional shares. The only confirmed fact is that the increase in Stellantis’ stake followed CEO Carlos Tavares’ recent visit to Archer’s headquarters and production plants in Santa Clara, California. Stellantis, or rather its predecessor Fiat-Chrysler, has been a partner of Archer since 2020 and became an investor in 2021.
In January 2023, Stellantis announced its aim to take over series production of Archer’s Midnight flying taxis as the exclusive contract manufacturer. The first construction phase of Archer’s high-volume production facility in Georgia is on schedule and is expected to be completed later this year.
This first phase includes the construction of an approximately 3.25 hectare production facility on a 40.5 hectare site. This facility, designed to build up to 650 aircraft per year, would be one of the largest in the aircraft industry in terms of volume.
As part of the partnership, Archer has “leveraged Stellantis’ extensive manufacturing, supply chain and design expertise together with Archer’s expertise in the design, development and commercialisation of its eVTOL aircraft”, according to the press release. The aircraft itself can carry one pilot and up to four passengers. The model, called “Midnight”, is optimised for consecutive short-haul flights of around 30 to 80 kilometres – with charging stops on the ground lasting around ten minutes each time.
“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,” says Stellantis CEO Carlos Tavares. “This recent move by Stellantis signals our confidence in Archer’s team and the progress we see firsthand through our deep partnership.”
“We are on the cusp of changing the way the world moves in the sky,” adds Adam Goldstein, founder and CEO of Archer, confidently. “Archer and Stellantis are working side by side to realize a once-in-a-generation opportunity to redefine urban transportation and deliver tremendous value to the world’s cities and our shareholders.”
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