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Stellantis Funds Archer’s Air Taxi

by Mia Yao
Stellantis Funds Archer’s Air Taxi

Stellantis has expanded its partnership with Archer Aviation, with strategic funding provided to manufacture the US aerospace company’s electric aircraft.

Stellantis will increase its stake in the San Jose-headquartered company and provide up to $150 million in equity capital for potential draw by Archer at its discretion in 2023 and 2024. Archer will use the funds to bring its Midnight aircraft to market.

Aiming to become Archer’s exclusive contract manufacturer, Stellantis will also contribute its technology and expertise at the manufacturing facility in Covington, Georgia before beginning to manufacture Archer’s electric vertical take-off and landing (eVTOL) aircraft in 2024.

“Deepening our partnership with Archer as a strategic investor with plans for growing our shareholding demonstrates how Stellantis is pushing the boundaries to provide sustainable freedom of mobility, from the road to the sky. Supporting Archer with our manufacturing expertise is another example of how Stellantis will lead the way the world moves,” said Carlos Tavares, CEO, Stellantis.

Adam Goldstein, founder and CEO of Archer, said the partnership was formed to realize a “once-in-a-generation opportunity to redefine urban transportation.”

Archer’s Midnight eVTOL can carry a payload of over 1,000 pounds, or a pilot plus four passengers. With a range of 100 miles, the aircraft will be able to cruise at 2,000 feet and is 1,000 times quieter than a helicopter. It is optimized for back-to-back short-distance trips of around 20 miles, with a charging time of approximately 10 minutes in-between.

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