Stellantis Plans to Build electric Aircraft with Archer | Financial Buzz

Stellantis Plans to Build electric Aircraft with Archer

Stellantis N.V. (NYSE: STLA) and Archer Aviation Inc. (NYSE: ACHR) reported expansion of their partnership by joining forces to manufacture Archer’s flagship electric vertical take-off and landing aircraft, Midnight. Stellantis will cooperate with Archer to begin manufacturing the Midnight aircraft in 2024. This partnership in the urban air mobility industry will leverage both company’s strengths to bring the Midnight Aircraft to market.

“We’ve been working closely with Archer for the past two years, and I am continually impressed by their ingenuity and unwavering commitment to deliver,” said Carlos Tavares, Stellantis CEO. “Deepening our partnership with Archer as a strategic investor with plans for growing our shareholding demonstrates how Stellantis is pushing the boundaries to provide sustainable freedom of mobility, from the road to the sky. Supporting Archer with our manufacturing expertise is another example of how Stellantis will lead the way the world moves.”

“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,” said Adam Goldstein, founder and CEO of Archer. “Our two companies are taking these important steps together to realize a once-in-a-generation opportunity to redefine urban transportation.”

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