AMSTERDAM and SANTA CLARA, CA, July 2, 2024 – Stellantis and Archer Aviation, an electric vertical takeoff and landing (eVTOL) aircraft company, announced Archer has received an additional $55 million investment from Stellantis under the companies’ strategic funding agreement following the achievement of its transition flight test milestone last month.
This latest investment builds on Stellantis’ series of open market purchases of 8.3 million shares of Archer’s stock in March of this year that was previously announced. During 2023, Stellantis invested $110 million in Archer through a combination of open market stock purchases and investments under the companies’ strategic funding agreement.
Archer remains on track to complete construction of its high-volume manufacturing facility in Georgia later this year. This first phase of the build out is a ~350,000 square foot facility on an ~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.
Archer’s goal with this facility remains to establish a factory that can support its planned commercial ramp up by leveraging the expertise of Stellantis as its contract manufacturer.
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.
Archer’s goal is to transform urban travel, replacing 60–90 minute commutes by car with estimated 10–20 minute electric air taxi flights that are safe, sustainable, low noise, and cost-competitive with ground transportation. Archer’s Midnight is a piloted, four-passenger aircraft designed to perform rapid back-to-back flights with minimal charge time between flights.
