Stellantis, Global Automaker Behind Chrysler, Citroën, and Jeep, Amplifies Investment in Archer, Strengthening Commitment to Electric Aviation

Stellantis completes a series of open market purchases of ~8.3 million shares

tellantis recently announced that it completed a series of open market purchases of ~8.3 million shares of Archer’s stock signaling Stellantis’ continued confidence in Archer’s plans to bring electric vertical take-off and landing (eVTOL) aircraft to market beginning in 2025. Stellantis’ increased investment in Archer follows CEO Carlos Tavares’ recent visit to Archer’s headquarters and manufacturing facilities in Santa Clara, California.

Stellantis is one of the world’s leading automakers best known for its unique portfolio of iconic brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, and Vauxhall.

In January 2023, Stellantis made a significant move by announcing its partnership with Archer to be the exclusive contract manufacturer for the mass production of the Midnight aircraft, significantly propelling Archer towards commercial success. This collaboration is set to save Archer hundreds of millions in expenses. Progress on Archer’s large-scale manufacturing facility in Georgia is advancing as planned, with completion of the first phase expected later this year. This initial phase includes the development of approximately 350,000 square feet within a sprawling 100-acre site, aiming to facilitate the production of up to 650 aircraft each year. Such capacity positions it among the top aircraft manufacturing sites in terms of volume.

The Midnight aircraft, a project by Archer, is engineered for safety, sustainability, and minimal noise, accommodating four passengers and a pilot. It is specifically designed for consecutive short-range flights of 20 to 50 miles, boasting a swift recharge time of about 10 minutes.

“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,” said Stellantis CEO Carlos Tavares. “This recent move by Stellantis signals our confidence in Archer’s team and the progress we see firsthand through our deep partnership.”

“We are on the cusp of changing the way the world moves in the sky,” said Adam Goldstein, founder and CEO of Archer. “Archer and Stellantis are working side by side to realize 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.

Last Updated on March 20, 2024 by MEA Aviation

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