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Stellantis (NYSE: STLA) and Archer Aviation (NYSE: ACHR) said today that they will host the European debut of Midnight electric vertical take-off and landing (eVTOL) Aircraft at 2023 Paris Air Show. On display in Hall 5 at Le Bourget Airport during the 54th edition of the Paris Air Show starting 19 June 2023. (AutoInformed:Stellantis to Make Archer Electric Airplanes)
Archer’s Midnight aircraft will be the featured eVTOL aircraft at the Paris Air Show, positioned in the center of the Air Mobility event, which is located in Hall 5 at Le Bourget Airport. Devoted to the latest innovations and emerging technologies in eVTOL, the Paris Air Show’s Air Mobility event will bring together key participants of the emerging sector with three days of discussions on the maturation of advanced air mobility and its impact on the future of aerospace.
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Midnight is claimed to be safe, sustainable, quiet with an expected payload of more than 1000 pounds. It can carry four passengers plus a pilot. With a range of 100 miles, Midnight is meant for back-to-back short distance trips of around 20 miles, with a charging time of approximately 10 minutes in-between. All this of course is dependent on The Federal Aviation Administration issuing a type certificate and approving other air worthiness requirements including pilot training, flight procedures and operating limitations. The goal is for Stellantis to mass produce Archer’s eVTOL aircraft as its exclusive contract manufacturer.
This partnership in the eVTOL aircraft industry between Archer* and Stellantis** will leverage each company’s respective strengths and competencies to bring the Midnight aircraft to market at scale, the disparate companie claim. To complement Archer’s team of eVTOL aircraft, electric powertrain and certification experts, Stellantis is contributing advanced manufacturing technology and expertise, experienced personnel and capital to the partnership. The combination is intended to enable the rapid scaling of aircraft production to meet Archer’s commercialization plans, while allowing Archer to strengthen its path to commercialization by helping it avoid hundreds of millions of dollars of spending during the manufacturing ramp up phase.
Stellantis previously said it will provide up to $150 million in equity capital for potential draw by Archer at its discretion in 2023 and 2024, subject to achievement of certain business milestones which Archer expects to occur in 2023.
Inevitable Stock Exchange Footnotes
* Forward looking statements regarding Archer’s future business plans and product roadmaps, including statements regarding the timing of Archer’s development, commercialization, and certification of its eVTOL aircraft are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Archer’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, available at www.sec.gov. In addition, please note that any forward-looking statements contained herein are based on assumptions that Archer believes to be reasonable as of the date of this release. Archer undertakes no obligation to update these statements as a result of new information or future events.
** Any forward-looking statements contained in this communication speak only as of the date of this document and Stellantis disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning Stellantis and its businesses, including factors that could materially affect Stellantis’ financial results, is included in Stellantis’ reports and filings with the U.S. Securities and Exchange Commission and AFM.
Paris Air Show – Stellantis and Archer to Debut eVTOL Aircraft
Click for more information.
Stellantis (NYSE: STLA) and Archer Aviation (NYSE: ACHR) said today that they will host the European debut of Midnight electric vertical take-off and landing (eVTOL) Aircraft at 2023 Paris Air Show. On display in Hall 5 at Le Bourget Airport during the 54th edition of the Paris Air Show starting 19 June 2023. (AutoInformed:Stellantis to Make Archer Electric Airplanes)
Archer’s Midnight aircraft will be the featured eVTOL aircraft at the Paris Air Show, positioned in the center of the Air Mobility event, which is located in Hall 5 at Le Bourget Airport. Devoted to the latest innovations and emerging technologies in eVTOL, the Paris Air Show’s Air Mobility event will bring together key participants of the emerging sector with three days of discussions on the maturation of advanced air mobility and its impact on the future of aerospace.
Click for more information.
Midnight is claimed to be safe, sustainable, quiet with an expected payload of more than 1000 pounds. It can carry four passengers plus a pilot. With a range of 100 miles, Midnight is meant for back-to-back short distance trips of around 20 miles, with a charging time of approximately 10 minutes in-between. All this of course is dependent on The Federal Aviation Administration issuing a type certificate and approving other air worthiness requirements including pilot training, flight procedures and operating limitations. The goal is for Stellantis to mass produce Archer’s eVTOL aircraft as its exclusive contract manufacturer.
This partnership in the eVTOL aircraft industry between Archer* and Stellantis** will leverage each company’s respective strengths and competencies to bring the Midnight aircraft to market at scale, the disparate companie claim. To complement Archer’s team of eVTOL aircraft, electric powertrain and certification experts, Stellantis is contributing advanced manufacturing technology and expertise, experienced personnel and capital to the partnership. The combination is intended to enable the rapid scaling of aircraft production to meet Archer’s commercialization plans, while allowing Archer to strengthen its path to commercialization by helping it avoid hundreds of millions of dollars of spending during the manufacturing ramp up phase.
Stellantis previously said it will provide up to $150 million in equity capital for potential draw by Archer at its discretion in 2023 and 2024, subject to achievement of certain business milestones which Archer expects to occur in 2023.
Inevitable Stock Exchange Footnotes
* Forward looking statements regarding Archer’s future business plans and product roadmaps, including statements regarding the timing of Archer’s development, commercialization, and certification of its eVTOL aircraft are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Archer’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, available at www.sec.gov. In addition, please note that any forward-looking statements contained herein are based on assumptions that Archer believes to be reasonable as of the date of this release. Archer undertakes no obligation to update these statements as a result of new information or future events.
** Any forward-looking statements contained in this communication speak only as of the date of this document and Stellantis disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning Stellantis and its businesses, including factors that could materially affect Stellantis’ financial results, is included in Stellantis’ reports and filings with the U.S. Securities and Exchange Commission and AFM.