Stella expands partnership with Archer Aviation to build Midnight, an electric vertical take-off and landing vehicle (eVTOL).
The aircraft is optimized for a trip of about 20 miles and has a range of up to 100 miles. The charging time between trips is approximately 10 minutes.
Stellantis is providing up to $150 million in equity capital for Archer to withdraw this year and next. But in order for Archer to raise money, certain businesses must hit his milestones, which Stellantis didn’t disclose. Stellantis will support Archer’s recently announced manufacturing facility in Covington, Georgia, which will begin construction on Midnight in 2024.
Stellantis brings advanced manufacturing technology and expertise, experienced people and capital to the partnership.
Stellantis CEO Carlos Tavares has said that automakers are all about “freedom of mobility,” so their relationship with Archer aligns with this mindset. Tavares recognizes the need for air transport in urban areas and believes that freedom of movement is at risk in the Western world.
“Mobility can be expressed in many different ways,” Tavares told reporters Wednesday. “It’s not just about cars, [it] It may be about aircraft [it] maybe about something else. Anything related to giving citizens a place to breathe should give them the feeling that they can move freely from A to B in a safe and cost-competitive manner when they decide to move. , is the reason for our existence. That’s why we thought this partnership was so natural. ”
Fiat Chrysler Automobiles has signed an agreement that will allow Archer to tap into the automaker’s supply chain, composites capabilities, and engineering and design experience ahead of its 2021 merger with PSA Group, which created Stellantis. I was there. Stellantis will become an investor in Archer for the first time in his 2021.
Stellantis said it intends to increase its strategic shareholding by purchasing Archer shares on the public market.
Stellantis plans to mass-produce Archer’s eVTOL aircraft as the exclusive contract manufacturer. Midnight will carry a payload of 1,000 pounds, or about four passengers and a pilot.
Archer is targeting a price point for short flights similar to rideshare trips by car.
“We want freedom, and I believe there will be a huge vacuum if we do not bring these solutions to the society in which we operate,” Tavares said. “Frankly, from a political point of view, I believe that modern democracy cannot survive without protecting the freedom of movement of its citizens.”