© Reuters Stellantis (STLA) and Archer (ACHR) to build electric aircraft
By Michael Elkins
Stellantis NV (NYSE:) and Archer Aviation Inc (NYSE:) announced Wednesday that the two companies have agreed to expand their partnership to manufacture Archer’s flagship electric vertical take-off and landing (eVTOL) aircraft, Midnight.
The two companies plan to begin manufacturing the Midnight aircraft in 2024 at Archer’s recently announced manufacturing facility in Covington, Georgia.
Midnight is designed to be safe, sustainable, quiet and, with its expected payload of over 1,000 pounds, can carry four passengers plus a pilot.
“We’ve been working closely with Archer for the past two years, and I am continually impressed by their ingenuity and unwavering commitment to deliver,” said Carlos Tavares, Stellantis CEO. “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. Supporting Archer with our manufacturing expertise is another example of how Stellantis will lead the way the world moves.”
“Stellantis’ continued recognition of Archer’s progress toward commercialization, and today’s commitment of significant resources to build the Midnight aircraft with us, places Archer in a strong position to be first to market,” said Adam Goldstein, founder and CEO of Archer. “Our two companies are taking these important steps together to realize a once-in-a-generation opportunity to redefine urban transportation.”
Stellantis has been a strategic partner to Archer since 2020 through various collaboration initiatives, and as an investor since 2021.
Shares of STLA and ACHR are up 3.32% and 13.94% respectively in mid-day trading on Wednesday.
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