Stellantis Strengthens Shareholding In Archer Aviation
One of the largest automobile groups in the world, Stellantis, recently completed a series of open market purchases of nearly 8.3 million shares of Archer Aviation. This further strengthening of shareholding indicates Stellantis’ confidence in the USA-based startup firm, which aims to introduce its electric vertical take-off and landing (eVTOL) aircraft – Midnight – into the market in 2025.
The aircraft in question is pure-electric and has space for four passengers plus a pilot. It is designed for short-distance trips of around 20-50 miles back-to-back, with a charging time of about 10 minutes between flights.
Archer and Stellantis have been strategic partners since 2020, with the latter becoming an official investor in the former the following year. In January last year, Stellantis confirmed its goal to mass-produce the Midnight aircraft as Archer’s exclusive contract manufacturer. This move boosted the California-headquartered company’s path to commercialisation. In fact, the first phase of Archer’s manufacturing plant in Georgia is on track and should be completed by the end of the year. Once live, the 350,000 sq. ft. facility on a 100-acre site will be capable of producing up to 650 aircraft in a year.
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