Click Bond advert. Click for website

Stellantis increases its strategic shareholding in Archer

Stellantis and Archer Aviation today announced that Stellantis recently completed a series of open market purchases of ~8.3 million shares of Archer’s stock signalling Stellantis’ continued confidence in Archer’s plans to bring electric vertical take-off and landing (eVTOL) aircraft to market beginning in 2025.

“In January 2023, Stellantis announced that its goal was for Stellantis to mass produce Archer’s Midnight aircraft as its exclusive contract manufacturer thereby allowing Archer to strengthen its path to commercialisation by helping it avoid hundreds of millions of dollars of spending” according to the press release. “The construction on the first phase of Archer’s high-volume manufacturing facility in Georgia remains on track to be completed later this year. The first phase is a build out of ~350,000 square feet on a ~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 Midnight aircraft is designed to carry four passengers plus a pilot. Midnight is optimised for back-to-back short distance trips of around 20-50 miles, with a charging time of approximately 10 minutes in-between.

“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 commercialise its eVTOL aircraft.”

For more information

www.archer.com

www.stellantis.com

(Image: Archer)

Share this:
Airlink Ukraine advert. Click for website