Electric aviation company, Archer Aviation Inc., announced that it has received a further $55 million investment from automakerStellantis N.V.on July 3, 2024, after thesuccessful test flightof its electric air taxi (eVTOL).
This isn’t Stellantis’ first investment in the company; in early 2023, Stellantis invested $100 million in Archer, and then entered into a $39 million funding agreement with the company only a few months ago.
Stellantis’ $55 Million Investment in Archer
News of Stellantis’ latest investment in Archer comes after the successful transition test flight completed in June 2024 of the “Midnight” eVTOL. The funding agreement entered into by Stellantis and Archer in March 2024 was for open market purchases of 8.3 million shares of Archer stock—$39 million worth!
Before starting investing in Archer in 2021, Stellantis had already been partnering up with the company on various projects since 2020. Archer has been able to use Stellantis’ expertise in the industry to help in all stages of its eVTOL.
Archer’s Midnight eVTOL
The Midnight air taxi can carry a pilot and four passengers and is designed for short and frequent flights with quick recharges. The back-to-back flights will last around 10–20 minutes, which would otherwise take up to an hour and a half by car.
That, combined with the fact that Midnight is super quiet, eco-friendly, has the potential to be more cost-effective for passengers than cars, and can take off and land vertically without the need for a long runway, makes it ideal for urban travel.
Archer’s eVTOL Manufacturing Facility in GA
To make these eVTOLs, Archer has been building a large 350,000-square-foot manufacturing facility in Covington, GA, located on a 100-acre site. The facility is due to be finalized within 2024.
Thanks to Stellantis’ investments, the facility will be able to make up to 650 aircraft per year, making it one of the largest of its kind in the world. Stellantis will serve as the company’s contract manufacturer, providing valuable expertise as Archer grows.
Stellantis, Archer Collaboration—Summary
Stellantis CEO, Carlos Tavares, was thrilled about Midnight’s successful test flight, and commended the Archer team for all their hard work on the project. Tavares added that the new investment brings them one step closer to making air taxis mainstream.
Adam Goldstein, Archer’s CEO, reciprocated the praise by noting that Stellantis’ commitment to Archer (especially the investments and manufacturing expertise) has been pivotal for Archer’s development and growth, and mirrored Tavares’ sentiments about the companies redefining urban transportation around the world.
Image Credit:Stellantis
