Stellantis Increases Archer Investment, Purchases Additional 8.3 Million Shares
Stellantis announced this week it has purchased an additional 8.3 million shares of Archer Aviation (ACHR) stock, showing its confidence in the eVTOL company, reports a press release. The car manufacturer decided to increase investment following CEO Carlos Tavares’ recent visit to Archer’s HQ and manufacturing facilities in Santa Clara, California.
In January 2023, Stellantis announced its goal was for the company to mass produce Archer’s Midnight aircraft as an exclusive contract manufacturer, thereby allowing the eVTOL company to strengthen its path to commercialisation by helping it avoid hundreds of millions of dollars of spending.
The release explains, “The construction of the Georgia facility remains on track to be completed later this year. The first phase is a build out of 350,000 sq. ft 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.”
Midnight, designed by Julien Montousse and his team, has been well received by both the industry and public. It carries four passengers plus a pilot and is optimised for back-to-back short distance trips of around 20-50 miles, with a charging time of approximately 10 minutes in-between.
Carlos Tavares, CEO of Stellantis, commented, “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. This recent move by Stellantis signals our confidence in Archer’s team and the progress we see firsthand through our close partnership.”
Adam Goldstein, co-Founder and CEO of Archer, added, “We are on the cusp of changing the way the world moves in the sky. Our partnership works side by side to realise a once-in-a-generation opportunity to redefine urban transportation and deliver tremendous value to the world’s cities and our shareholders.”
Stellantis has been a strategic partner to Archer since 2020 through various collaboration initiatives and as an investor since 2021. “During this time, Archer has leveraged Stellantis’ deep manufacturing, supply chain, and design expertise in connection with Archer’s efforts to design, develop, and commercialize its eVTOL aircraft,” continues the release.
Background
Stellantis is one of the world’s leading automakers. It is best known for a unique portfolio of brands including Alfa Romeo, Chrysler, Lancia, Maserati, Opel, Peugeot, Citroën, Fiat, Jeep and Vauxhall.
The car manufacturer is executing its “Dare Forward 2030”, a bold plan that paves the way to achieve the ambitious target of becoming a carbon net zero mobility tech company by 2038.
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(Top image: Archer Midnight)
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