Stellantis, Archer Join Forces On Midnight eVTOL Manufacturing

Stellantis NV STLA has partnered with Archer Aviation Inc ACHR to manufacture the flagship electric vertical take-off and landing (eVTOL) aircraft, Midnight.
Stellantis will contribute advanced manufacturing technology, expertise, experienced personnel, and capital to enable aircraft manufacturing.
Stellantis will provide up to $150 million in equity capital for potential draw by Archer at its discretion in 2023 and 2024.
Stellantis has been a strategic partner to Archer since 2020 through various partnership initiatives and as an investor since 2021.
In addition, Stellantis intends to increase its strategic shareholding in Archer through future purchases of Archer stock in the open market.
Stellantis will work with Archer to stand up Archer's recently announced manufacturing facility in Covington, Georgia, at which the manufacturing of Midnight aircraft will begin in 2024.
With its expected payload of over 1,000 pounds, Midnight can carry four passengers plus a pilot. With a range of 100 miles, Midnight is optimized for back-to-back short-distance trips of around 20 miles, with a charging time of approximately 10 minutes in-between.
Also Read: Stellantis Eyes Stake In Hydrogen Mobility Company Symbio
The goal is for Stellantis to mass produce Archer's eVTOL aircraft as its exclusive contract manufacturer.
"Deepening our partnership with Archer as a strategic investor with plans for growing our shareholding demonstrates how Stellantis is pushing the boundaries to provide sustainable freedom of mobility, from the road to the sky," said Carlos Tavares, Stellantis CEO.
Price Action: STLA shares are trading higher by 3.32% at $15.07, and ACHR is higher by 13.47% at $2.19 on the last check Wednesday.
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