Stellantis N.V. and Archer Aviation Inc. are partnering to produce Archer’s electric vertical take-off and landing (eVTOL) aircraft. According to Archer, their eVTOL, known as Midnight, has a range of 100 miles, a charging time of 10 minutes, and can carry four passengers and a pilot. Archer plans to begin manufacturing Midnight at its Georgia facility in 2024.
Archer will rely on Stellantis’ experience in advanced manufacturing to help them quickly scale Midnight. As part of the agreement, Stellantis will provide up to $150 million in equity capital and will purchase Archer stock in the future.
In a recent quote, Adam Goldstein, founder and CEO of Archer, said, “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. Our two companies are taking these important steps together to realize a once-in-a-generation opportunity to redefine urban transportation.”