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Archer Aviation (NYSE: ACHR)* and Stellantis (NYSE: STLA)** said today in Le Bourget, France that their strategic manufacturing partnership is well underway on the world’s first high-volume eVTOL – electric vertical take-off and landing aircraft at a manufacturing facility located in Covington, Georgia outside of Atlanta. Stellantis increased its strategic shareholding of Archer through a series of purchases of Archer stock in the open market on 19 June 2023. (AutoInformed: Paris Air Show – Stellantis and Archer to Debut eVTOL Aircraft)
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 predicted will occur during 2023. If AutoInformed’s math is right, manufacturing aircraft at the forecast volumes would make Covington the world’s leading aircraft manufacturing facility.
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The eVTOL plane to be mass assembled in Georgia, called Midnight, is said 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. Stellantis will make Archer’s eVTOL aircraft as its exclusive contract manufacturer.
During the manufacturing ramp-up, the objective is to ues each company’s respective strengths to enable the rapid scaling of aircraft production to meet Archer’s commercialization plans. There are now experienced Stellantis personnel working full time alongside the Archer team, supporting operational readiness with the current focus being on manufacturing automation and component sourcing. Stellantis personnel are now embedded across almost all areas of Archer’s operations, including manufacturing, engineering, supply chain, quality, facilities and human resources.
Initial manufacturing operations – starting in the middle of next year – will be capable of producing up to 650 aircraft per year with room for expansion to support production of up to 2300 aircraft annually.
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.
Cleared for Takeoff – Archer Aviation and Stellantis
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Archer Aviation (NYSE: ACHR)* and Stellantis (NYSE: STLA)** said today in Le Bourget, France that their strategic manufacturing partnership is well underway on the world’s first high-volume eVTOL – electric vertical take-off and landing aircraft at a manufacturing facility located in Covington, Georgia outside of Atlanta. Stellantis increased its strategic shareholding of Archer through a series of purchases of Archer stock in the open market on 19 June 2023. (AutoInformed: Paris Air Show – Stellantis and Archer to Debut eVTOL Aircraft)
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 predicted will occur during 2023. If AutoInformed’s math is right, manufacturing aircraft at the forecast volumes would make Covington the world’s leading aircraft manufacturing facility.
Click for more information.
The eVTOL plane to be mass assembled in Georgia, called Midnight, is said 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. Stellantis will make Archer’s eVTOL aircraft as its exclusive contract manufacturer.
During the manufacturing ramp-up, the objective is to ues each company’s respective strengths to enable the rapid scaling of aircraft production to meet Archer’s commercialization plans. There are now experienced Stellantis personnel working full time alongside the Archer team, supporting operational readiness with the current focus being on manufacturing automation and component sourcing. Stellantis personnel are now embedded across almost all areas of Archer’s operations, including manufacturing, engineering, supply chain, quality, facilities and human resources.
Initial manufacturing operations – starting in the middle of next year – will be capable of producing up to 650 aircraft per year with room for expansion to support production of up to 2300 aircraft annually.
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.