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Stellantis has invested a further £42. 5 million in a task to take flying cars to the skies.
The $55 million injection the multi-brand automaker gave Archer as part of a strategic financing deal between the two companies follows a successful trial last month and comes on top of Stellantis’ purchases of 8. 3 million shares of the aerospace company in March.
Stellantis also invested $110 million (£85 million) in Archer purchases and percentage investments last year as part of the deal.
Archer affirms its purpose with urban travel, replacing 60- to 90-minute car rides with electric air taxi flights with an estimated duration of 10 to 20 minutes that, in his opinion, will be safe, sustainable, quiet, and cost-competitive ground transportation.
Its four-passenger Midnight aircraft is designed for fast consecutive flights with minimal loading time between flights.
Carlos Tavares, CEO of Stellantis, said: “Few things rival seeing a dream fly.
“I applaud the innovation, expertise and work of the engineering and production teams at Stellantis and Archer.
“With this additional investment in Archer, we remain on track for a long-term period in which freedom of mobility will extend beyond current roads. “
A high-volume plant will be built later this year on a 100-acre site in Georgia, with a 350,000-square-foot facility expected to manufacture up to 650 aircraft per year.
Adam Goldstein, Chief Executive Officer of Archer, said, “Stellantis’ commitment to Archer is unmatched, from its vision to provide the production expertise and capital needed to drive Archer’s business goals, to Carlos Tavares’ strategic and unwavering vision.
“Together, we are working to redefine urban transportation, opening up new worlds of opportunity for citizens around the world by offering more effective services to the people, places, and opportunities in the regions in which they live.
Stellantis has been a strategic partner of Archer since 2020 through collaborative initiatives and as an investor since 2021.
Meanwhile, Archer leveraged Stellantis’ manufacturing, chain and design expertise to design, develop and market its eVTOL aircraft.
John has been with Car Dealer since 2013 after spending 25 years at the newspaper as a journalist and then deputy editor/deputy editor of regional and national titles. John is the Deputy Editor of the Editorial Department, working at Car Dealer and managing social media.
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