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Stellantis Increases Archer Investment, Purchases Additional 8.3 Million Shares

Stel­lan­tis announced this week it has pur­chased an addi­tion­al 8.3 mil­lion shares of Archer Avi­a­tion (ACHR) stock, show­ing its con­fi­dence in the eVTOL com­pa­ny, reports a press release. The car man­u­fac­tur­er decid­ed to increase invest­ment fol­low­ing CEO Car­los Tavares’ recent vis­it to Archer’s HQ and man­u­fac­tur­ing facil­i­ties in San­ta Clara, Cal­i­for­nia.

In Jan­u­ary 2023, Stel­lan­tis announced its goal was for the com­pa­ny to mass pro­duce Archer’s Mid­night air­craft as an exclu­sive con­tract man­u­fac­tur­er, there­by allow­ing the eVTOL com­pa­ny to strength­en its path to com­mer­cial­i­sa­tion by help­ing it avoid hun­dreds of mil­lions of dol­lars of spend­ing. 

The release explains, “The con­struc­tion of the Geor­gia facil­i­ty remains on track to be com­plet­ed lat­er this year. The first phase is a build out of 350,000 sq. ft 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.”

Mid­night, designed by Julien Mon­tousse and his team, has been well received by both the indus­try and pub­lic. It car­ries four pas­sen­gers plus a pilot and is opti­mised for back-to-back short dis­tance trips of around 20–50 miles, with a charg­ing time of approx­i­mate­ly 10 min­utes in-between.

Car­los Tavares

Car­los Tavares, CEO of Stel­lan­tis, com­ment­ed, “Archer has estab­lished itself as a mar­ket leader in the elec­tri­fi­ca­tion of avi­a­tion and we believe that togeth­er we can ush­er in the next trans­porta­tion rev­o­lu­tion. This recent move by Stel­lan­tis sig­nals our con­fi­dence in Archer’s team and the progress we see first­hand through our close part­ner­ship.”

Adam Gold­stein, co-Founder and CEO of Archer, added, “We are on the cusp of chang­ing the way the world moves in the sky. Our part­ner­ship works side by side to realise a once-in-a-gen­er­a­tion oppor­tu­ni­ty to rede­fine urban trans­porta­tion and deliv­er tremen­dous val­ue to the world’s cities and our share­hold­ers.”

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,” con­tin­ues the release.

Back­ground

Stel­lan­tis is one of the world’s lead­ing automak­ers. It is best known for a unique port­fo­lio of brands includ­ing Alfa Romeo, Chrysler, Lan­cia, Maserati, Opel, Peu­geot, Cit­roën, Fiat, Jeep and Vaux­hall. 

The car man­u­fac­tur­er is exe­cut­ing its “Dare For­ward 2030”, a bold plan that paves the way to achieve the ambi­tious tar­get of becom­ing a car­bon net zero mobil­i­ty tech com­pa­ny by 2038.

For more infor­ma­tion

https://www.stellantis.com/en

www.archer.com

(Top image: Archer Mid­night)

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