Global automaker Stellantis will mass produce an electric vehicle take-off and landing aircraft for Archer Aviation as part of an expanded partnership that includes giving the startup-turned-publicly traded company access to up to $150 million in additional capital over the next two years.
The agreement, announced Wednesday during CES 2023 in Las Vegas, will make Stellantis the exclusive contract manufacturer for Archer’s Midnight eVTOL aircraft.
The announcement Wednesday goes far beyond a collaboration. Stellantis is not only providing capital and its manufacturing expertise to Archer; the automaker said it will also help build out Archer’s recently announced manufacturing facility in Covington, Georgia. The companies plan to start producing the Midnight aircraft at the factory in 2024.
Stellantis said it also plans to increase its strategic shareholding in Archer through future purchases of stock in the open market.
Stellantis to mass produce Archer’s electric aircraft in expanded deal by Kirsten Korosec originally published on TechCrunch
