Archer receives additional $55 million investment from Stellantis
Archer Aviation has received an additional $55 million of investment from strategic partner Stellantis, following the success of the eVTOL manufacturer’s milestone transition flight test last month, with its large-scale production facility on track for completion later this year.
The new investment forms part of the companies’ strategic funding agreement and builds on Stellantis’ series of open market purchases of 8.3 million shares of Archer’s stock in March 2024. Stellantis – which has been a strategic partner and investor in Archer since 2021 – also invested a total of $110 million into the eVTOL pioneer during 2023 through a combination of stock purchases and investments.
“The commitment by Stellantis to Archer has been unrivalled, from its foresight to provide the manufacturing expertise and capital needed to accelerate Archer’s business objectives, to the strategic vision and steadfast support from Stellantis CEO Carlos Tavares,” said Archer CEO Adam Goldstein.
In January 2023, Stellantis announced it would be manufacturing Archer’s Midnight eVTOL craft at its facility in Georgia, with initial scope for producing up to 650 aircraft a year. The factory – set to be one of the largest manufacturing facilities by volume in the aircraft industry – remains on track to be completed later this year.
