Click for more information.
Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) and Archer Aviation Inc. (NYSE: ACHR) today announced that they have agreed to expand their partnership by joining forces to manufacture Archer’s electric vertical take-off and landing (eVTOL) aircraft called Midnight. 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 used Stellantis’ manufacturing, supply chain, and design expertise in connection with Archer’s efforts to design, develop, and commercialize its eVTOL aircraft. (Autoinformed.com: FAA Publishes Guidelines for Vertiports)
Stellantis now will work on Archer’s recently announced manufacturing facility in Covington, Georgia. The companies plan to begin manufacturing the Midnight aircraft in 2024. Midnight is claimed to be safe, sustainable, quiet and, 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.
As a further sign of its commitment, Stellantis 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.
Stellantis also said it intends to increase its strategic shareholding through future purchases of Archer stock in the open market. “These actions, along with the other elements of this expanded partnership, will enable Stellantis to become a long-term, cornerstone investor in Archer,” said Stellantis.
“We’ve been working closely with Archer for the past two years, and I am continually impressed by their ingenuity and unwavering commitment to deliver,” said Carlos Tavares, Stellantis CEO.” Deepening our partnership with Archer as a strategic investor with plans for growing our shareholding demonstrates how Stellantis is pushing the boundaries to provide sustainable freedom of mobility, from the road to the sky. Supporting Archer with our manufacturing expertise is another example of how Stellantis will lead the way the world moves.”
Stellantis to Make Archer Electric Airplanes
Click for more information.
Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) and Archer Aviation Inc. (NYSE: ACHR) today announced that they have agreed to expand their partnership by joining forces to manufacture Archer’s electric vertical take-off and landing (eVTOL) aircraft called Midnight. 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 used Stellantis’ manufacturing, supply chain, and design expertise in connection with Archer’s efforts to design, develop, and commercialize its eVTOL aircraft. (Autoinformed.com: FAA Publishes Guidelines for Vertiports)
Stellantis now will work on Archer’s recently announced manufacturing facility in Covington, Georgia. The companies plan to begin manufacturing the Midnight aircraft in 2024. Midnight is claimed to be safe, sustainable, quiet and, 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.
As a further sign of its commitment, Stellantis 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.
Stellantis also said it intends to increase its strategic shareholding through future purchases of Archer stock in the open market. “These actions, along with the other elements of this expanded partnership, will enable Stellantis to become a long-term, cornerstone investor in Archer,” said Stellantis.
“We’ve been working closely with Archer for the past two years, and I am continually impressed by their ingenuity and unwavering commitment to deliver,” said Carlos Tavares, Stellantis CEO.” Deepening our partnership with Archer as a strategic investor with plans for growing our shareholding demonstrates how Stellantis is pushing the boundaries to provide sustainable freedom of mobility, from the road to the sky. Supporting Archer with our manufacturing expertise is another example of how Stellantis will lead the way the world moves.”