Stellantis is investing extra in Archer Aviation, a Silicon Valley-based firm growing electrical vertical take-off and touchdown (eVTOL) plane.
Based on Stellantis, it’s offering a further $400 million to Archer Aviation. The legacy automaker defined that the extra funding will “assist scale Archer’s Midnight manufacturing to 650 plane yearly via an obligation to cowl manufacturing labor prices in addition to sure capital expenditures at Archer’s Georgia manufacturing facility via 2030.”
In November 2022, Archer unveiled its Midnight eVTOL plane in Palo Alto, California. Midnight is designed to be protected, sustainable, and quiet. It might probably carry 4 passengers and one pilot. Midnight additionally has a payload capability of over 1,000 kilos.
Stellantis has invested $300 million in Archer up to now, excluding the extra $400 million it not too long ago introduced. Archer raised $230 million in fairness within the second quarter from institutional and long-time buyers. The eVTOL plane developer goals to achieve its objective of commercialization by early 2025.
As per Archer’s Chief Govt Adam Goldstein, the corporate’s indicative guide is $6 billion, leaving it well-positioned to satisfy its commercialization objectives.
“This has been considered one of Archer’s best quarters but,” Goldstein commented about Q2 2024.
“From Midnight’s first transition flight, to the progress we’ve made on the build-out of high-volume manufacturing amenities alongside Stellantis, to the business progress we’re making with Southwest, United, and extra—we’re working tirelessly to allow business operations all around the world,” added Goldstein.
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