Stellantis N.V. (Stellantis) and Archer Aviation (Archer) have announced their intention to strategically strengthen the already existing partnership between the two companies with a view to producing Archer’s flagship Midnight electric vertical take-off and landing (eVTOL) aircraft. The intention is for production to commence at the new Archer facility at Covington Georgia.
The Midnight eVTOL aircraft will be able to carry four passengers and one pilot, with a payload capacity of 1,000 pounds. The Midnight will have a range of 100miles, and is intended for short back-to-back trips of around 10 miles with a 10-minute charging time in between.
As a demonstration of its commitment to the JV, Stellantis will provide up to US$150 million (£120 million) in equity capital for potential draw by Archer at its discretion in 2023 and 2024, subject to the achievement of certain business milestones which Archer anticipates will be reached in 2023. Stellantis also intends to increase its strategic shareholding through future purchases of Archer stock in the open market. These actions, along with the other elements of this expanded partnership, will enable Stellantis to become a long-term, cornerstone investor in Archer.
Archer brings its world-class team of eVTOL, electric powertrain and certification experts while Stellantis will contribute advanced manufacturing technology and expertise, experienced personnel and capital to the partnership. This combination is intended to enable the rapid scaling of aircraft production to meet Archer’s commercialisation plans, while allowing Archer to strengthen its path to commercialisation by helping it avoid hundreds of millions of dollars of spending during the manufacturing ramp up phase. The goal is for Stellantis to mass produce Archer’s eVTOL aircraft as its exclusive contract manufacturer.
