Stellantis has invested another $55 million in Archer Aviation, the air-taxi developer that’s building a manufacturing site in Georgia, and nearing commercial readiness for its electric vertical take-off and landing aircraft (eVTOL.) The investment was made under the “strategic funding” between Archer and Stellantis.
According to a 2023 joint statement, Archer is responsible for expertise in eVTOL and electric powertrain design, and certification, and Stellantis is contributing advanced manufacturing technology and expertise, as well as personnel.
The automaker became Archer’s largest shareholder with an $83-million open-market share purchase announced in March of this year, which followed a $110-million investment last year via a combination of stock purchases and the funding agreement between the two companies.
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.
Last month the Midnight eVTOL completed a “transition flight,” meaning the aircraft takes off vertically like a helicopter, accelerates forward, and transitions from thrust-borne to wing-borne flight before decelerating and landing vertically.
The Midnight 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. Reportedly, 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.
“Few things rival the excitement of seeing a dream take flight. I applaud the innovation, expertise, and hard work of the engineering and manufacturing teams from Stellantis and Archer,” said Carlos Tavares, Stellantis CEO. “With this additional investment in Archer, we remain on course for a future where freedom of mobility extends beyond today’s roads.”
Archer expects to complete a roughly 350,000-sq.ft manufacturing plant in Covington, Ga., later this year, where it projects to produce 650 aircraft per year. According the automaker, “Archer’s goal with this facility remains to establish a factory that can support its planned commercial ramp up by leveraging the expertise of Stellantis as its contract manufacturer.”
