Stellantis logo.
Jan 5, 2023
Stellantis and Archer Aviation have agreed to join forces to build the Midnight electric aircraft, an eVTOL (electric vertical takeoff and landing aircraft), one of Archer's flagships. Through a statement, the firm led by Carlos Tavares has explained that it will work with Archer to build the airline's manufacturing facilities in Covington (Georgia, USA), where they will begin manufacturing the Midnight in 2024. The goal is that Stellantis mass-produces the aircraft as its exclusive manufacturer and the automobile group will invest 150 million dollars (141.2 million euros at current exchange rates).
Image above: Image of one of the Midnight aircraft, to be built by Archer and Stellantis in Georgia, USA. Image Credit: Archer Aviation.
The Midnight model has a payload of more than 453 kilograms that allows it to carry four passengers and a pilot. Plus, with a range of 100 miles, it's ideal for consecutive short trips of about 20 miles, with a charging time of about 10 minutes in between.
"This unique association in the urban air mobility industry will take advantage of the respective strengths and competencies of each company to bring the Midnight aircraft to the market," they explained from Stellantis.
Midnight Production eVTOL Aircraft Unveil
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. “This combination is intended to enable rapid scale-up of aircraft production to meet Archer's commercialization plans, while allowing Archer to strengthen its path to commercialization,” both companies have noted.
Social capital
As a sign of its commitment, Stellantis will provide that $150 million in equity capital for Archer to withdraw at its discretion in 2023 and 2024, subject to the achievement of certain business milestones that Archer expects to occur in 2023.
Stellantis also intends to increase its stake in the company through future purchases of Archer shares on the open market. These actions, along with the other elements of this expanded partnership, will allow Stellantis to become a key long-term investor in Archer.
“We have been working closely with Archer for the past two years, and I am continually impressed by his ingenuity and unwavering commitment to delivery,” said Tavares.
Related links:
Stellantis: https://www.stellantis.com/en
Archer Aviation: https://www.archer.com/
Image, Video, Text, Credits: Proporcionado por Sport/Stellantis/Archer Aviation/Orbiter.ch Aerospace/Roland Berga.
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