Stellantis Increases Investment in Archer by $55 Million Following Flight Test Milestone
This investment comes on the heels of Archer achieving a significant flight test milestone last month.
Amsterdam and Santa Clara, CA /July 2, 2024 /Archer -- Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) and Archer Aviation Inc. (NYSE: ACHR), a leader in electric vertical takeoff and landing (eVTOL) aircraft, announced today an additional $55 million investment from Stellantis in Archer under their strategic funding agreement. This investment comes on the heels of Archer achieving a significant flight test milestone last month.
Credit: Archer
Stellantis’ latest investment builds upon their recent purchase of 8.3 million shares of Archer’s stock in March, as previously announced. In 2023, Stellantis had invested $110 million in Archer through a combination of open market purchases and strategic funding agreement investments.
Archer is nearing completion of its high-volume manufacturing facility in Covington, Georgia, expected to be finished later this year. This facility, spanning approximately 350,000 square feet on a site of around 100 acres, is designed to support the production of up to 650 aircraft annually. It represents a major step towards scaling up Archer’s production capabilities with Stellantis serving as its contract manufacturer.
