Stellantis Invests Additional $55 Million
In Archer Following Recent Flight Test Milestone
- Investment from Stellantis under
the companies’ strategic funding agreement builds on the $39
million worth of open market purchases of Archer stock that
Stellantis completed earlier this year, and the $110 million
investment made by Stellantis in Archer during 2023
- Construction nears
completion on Archer’s high-volume manufacturing facility in
Covington, GA, which is on track to be completed later this
year
AMSTERDAM and SANTA CLARA, CA, July 2,
2024 – 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, today announced Archer has received an additional
$55 million investment from Stellantis under the companies’
strategic funding agreement following the achievement of its
transition flight test milestone last month.
This latest investment builds on Stellantis’
series of open market purchases of 8.3 million shares of Archer’s
stock in March of this year that was previously announced. During
2023, Stellantis invested $110 million in Archer through a
combination of open market stock purchases and investments under
the companies’ strategic funding agreement.
Archer remains on track to complete construction
of its high-volume manufacturing facility in Georgia later this
year. This first phase of the build out is a ~350,000 square foot
facility on an ~100 acre site designed to support production of up
to 650 aircraft annually, which would make it one of the largest
manufacturing facilities by volume in the aircraft industry.
Archer’s goal with this facility remains to establish a factory
that can support its planned commercial ramp up by leveraging the
expertise of Stellantis as its contract manufacturer.
“Few things rival the excitement of seeing a
dream take flight. I applaud the innovation, expertise and hard
work of the engineering and manufacturing teams from Stellantis and
Archer,” said Carlos Tavares, Stellantis CEO. “With this additional
investment in Archer, we remain on course for a future where
freedom of mobility extends beyond today’s roads.”
“The commitment by Stellantis to Archer has been
unrivaled, from its foresight to provide the manufacturing
expertise and capital needed to accelerate Archer’s business
objectives, to the strategic vision and steadfast support from
Stellantis CEO Carlos Tavares,” said Archer CEO, Adam Goldstein.
“Together, we’re working to redefine urban transportation, opening
new worlds of opportunity for citizens across the globe by
providing more efficient access to people, places, and events
across the regions they live in.”
Stellantis has been a strategic partner to
Archer since 2020 through various collaboration initiatives, and as
an investor since 2021. During this time, Archer has leveraged
Stellantis’ deep manufacturing, supply chain, and design expertise
in connection with Archer’s efforts to design, develop, and
commercialize its eVTOL aircraft.
Archer’s goal is to transform urban travel,
replacing 60–90 minute commutes by car with estimated 10–20 minute
electric air taxi flights that are safe, sustainable, low noise,
and cost-competitive with ground transportation. Archer’s Midnight
is a piloted, four-passenger aircraft designed to perform rapid
back-to-back flights with minimal charge time between flights.
# # #
About Stellantis
Stellantis N.V. (NYSE: STLA / Euronext Milan:
STLAM / Euronext Paris: STLAP) is one of the world’s leading
automakers aiming to provide clean, safe and affordable freedom of
mobility to all. It’s best known for its unique portfolio of iconic
and innovative brands including Abarth, Alfa Romeo, Chrysler,
Citroën, Dodge, DS Automobiles, FIAT, Jeep®, Lancia, Maserati,
Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Stellantis is
executing its Dare Forward 2030, a bold strategic plan that paves
the way to achieve the ambitious target of becoming a carbon net
zero mobility tech company by 2038, with single-digit percentage
compensation of the remaining emissions, while creating added value
for all stakeholders. For more information, visit
www.stellantis.com.
About Archer
Archer is a leader in the electrification of
aviation. We are designing and developing the key enabling
technologies and aircraft that are necessary to power the next
great transportation revolution. Our goal is for our proprietary
technology to deliver unprecedented connectivity to the people and
places across the most congested cities in the world. To learn
more, visit www.archer.com.
Stellantis Media
Contacts
Fernão SILVEIRA +31 6 43 25 43 41 –
fernao.silveira@stellantis.com Shawn MORGAN +1 248 760 2621 –
shawn.morgan@stellantis.com
Archer Media
Contacts
The Brand Amp -
Archer@TheBrandAmp.com
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This press release
contains forward looking statements regarding Archer’s future
business plans, including statements regarding its aircraft
performance, the planned production capacity and timing of
completion of Archer’s manufacturing facility, and the timing of
Archer’s development, commercialization, and certification of its
eVTOL aircraft. These forward-looking statements are only
predictions and may differ materially from actual results due to a
variety of factors. The risks and uncertainties that could cause
actual results to differ from the results predicted are more fully
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Commission, including its most recent Annual Report on Form 10-K
and Quarterly Report on Form 10-Q, available at www.sec.gov. In
addition, please note that any forward-looking statements contained
herein are based on assumptions that Archer believes to be
reasonable as of the date of this press release. Archer undertakes
no obligation to update these statements as a result of new
information or future events.
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EN-20240702-Stellantis-Announces-Additional-Investment-in-Archer