stellar indicates a tendency to electric flying taxi as an alternative to land transport. automobile group and Archer Aviation have agreed to join forces to build aeronaut midnight, The EVTOL (Electric Vertical Clearance and Landing Aircraft), one of Archer’s flagships.
The group led by Carlos Tavares will make a Initial contribution up to $150 million (€141.2 million) in share capital to be redeemed by Archer at its discretion in 2023 and 2024, subject to the achievement of certain commercial milestones which Archer expects to occur in 2023. Stellantis intends to increase its stake in the company through future purchases. Archer shares on the open market. These actions, along with other elements of this expanded partnership, will allow Stellantis to become a major long-term investor in Archer.
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The two companies have partnered to build a manufacturing facility for the airline in Covington (United States), where they will begin manufacturing the Midnight model in 2024.
The Midnight model has a payload of over 453 kg which allows it to carry four passengers and a pilot. Plus, with 100 miles of range, it’s ideal for frequent short trips of about 20 miles, with about 10 minutes of charging time in between.
“This unique partnership in the urban air mobility industry will leverage each company’s respective strengths and competencies to bring the Midnight Aircraft to market,” Stellantis explained.
While Archer will bring its team of EVTOL, electric powertrain and certification experts to the project, Stellantis will contribute advanced manufacturing technology and expertise, experienced personnel and capital. The combination is intended to enable the rapid expansion of aircraft production to meet Archer’s commercialization plan, while allowing Archer to solidify its path to commercialization, the two companies said.
“We have been working closely with Archer for the past two years and I am continually impressed by his talent and unwavering commitment to deliver,” said Carlos Tavares, CEO of Stellantis. “Supporting Archer with our manufacturing expertise is another example of how Stellantis will lead the way for the world going forward.”
Archer founder and CEO Adam Goldstein called the alliance a “unique opportunity” to redefine the future of transportation. “Stellentis’ recognition of Archer’s progress and commitment of significant resources to build Midnight Aircraft with us puts us in a strong position to be first to market,” he added.