Stellantis is going to build electric planes

The goal is for the automotive group to mass-produce Archer’s eVTOL aircraft as an exclusive manufacturer

Stellantis and Archer Aviation Inc. announced an agreement to strengthen their partnership and join forces to produce Archer’s flagship electric vertical maneuvering aircraft, the Midnight (eVTOL). Coming in 2024, this is a safe, durable, quiet vehicle and with its projected payload of over 1,000 pounds, it can carry four passengers and a pilot. Right away
autonomy of 160 kilometersthe Midnight is optimized for consecutive short journeys of approximately 32 km, with a
intermediate charging time of 10 minutes.

In this unique collaboration in the urban air mobility industry, each company’s respective strengths will be leveraged to bring the Midnight aircraft to market. Archer provides its world-class team of eVTOL, electric powertrains and certification experts, while Stellantis brings its advanced technology and manufacturing know-how, as well as expert personnel and capital.

This combination is intended to rapidly scale up aircraft production to meet Archer’s commercialization plans while strengthening Archer’s path to commercialization by helping to save millions of dollars in costs during the production launch process. The goal is for Stellantis to mass-produce Archer’s eVTOL aircraft as an exclusive manufacturer.

As a testament to its commitment, Stellantis will provide up to $150 million in equity capital for possible use by Archer in 2023 and 2024, contingent on the achievement of certain business milestones Archer expects to reach in 2023. Stellantis also aims to increase its strategic involvement in Archer with a future share purchase. These actions, combined with the other elements of this expanded partnership, will enable Stellantis to become the preferred long-term investor in Archer.

“We have worked closely with Archer for the past two years and I am constantly impressed by his resourcefulness and unwavering commitment to results,” he said.
Carlo Tavares, CEO of Stellantis. “Deepening our partnership with Archer as strategic investors with plans to increase our stake demonstrates how Stellantis is pushing the boundaries to deliver sustainable mobility freedom from road to air. Supporting Archer with our manufacturing expertise is another example of how Stellantis will lead the way in the way the world moves.”

“Stellantis’ continued recognition of Archer’s progress toward commercialization, and the commitment of significant additional resources to partner with us in building the Midnight aircraft, puts Archer in a strong position to be first to market,” he said. .
Adam Goldstein, founder and CEO of Archer. “Our two companies are taking these important steps together to realize the unique opportunity to redefine urban transportation.”

Source: La Verdad

Ida

I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.