Stellantis confirmed it has executed a series of open-market purchases of Archer Aviation stock, roughly 8.3 million shares in the developer of electric vertical take-off and landing aircraft (eVTOL.) The automaker did not announce the value of those purchases, but it previously committed up to $150 million as an equity investor and manufacturing partner to Archer.
An eVTOL, or urban air taxi, is an electric-powered aircraft able to hover, take-off, and land vertically. The Archer Midnight eVTOL is to be powered by lithium-ion battery packs, providing 142 KWh of energy and a maximum power of 1,300 KW.
When it announced its involvement with Archer in January 2023, Stellantis gave notice that it would raise its stake through open-market stock purchases but would remain a minority stakeholder. The scope if its current stake has not been revealed.
CEO Carlos Tavares said the stock purchases signals Stellantis’ “confidence in Archer’s team and the progress we see firsthand through our deep partnership.”
Last year Stellantis confirmed its intent to be the exclusive contract manufacturer for Archer’s Midnight eVTOL. Archer is nearing completion for the first phase of its production site in Covington, Ga., which is on track for completion this year. Archer intends to produce up to 650 aircraft per year at the 350,000-sq.ft. plant.
The Midnight eVTOL is designed to carry up to four passengers and a pilot – a payload over 1,000 lbs. – with a range of 100 miles, mainly short-distance trips of around 20 miles. The aircraft will have short charging time of approximately 10 minutes – meaning it is seen as a shuttle craft for point-to-point service in dense urban settings.
“We are on the cusp of changing the way the world moves in the sky,” according to a statement by Archer foundry and CEO Adam Goldstein. “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.”
