Stellantis boosts investment in Archer by $55 million

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Source: Aviation Business ME

The American-Italian-French multinational automotive manufacturer, Stellantis, announced plans to further bolster its investment in the electric vertical take-off and landing (eVTOL) aircraft developer, Archer Aviation (Archer) by injecting an additional $55 million.

Transition flight
The decision follows the successful completion of a transition flight by Archer’s flagship eVTOL aircraft, Midnight, in June. 

The flight marked a significant milestone for Archer and a key step forward in certifying Midnight for commercial-scale operation.

The transition flight involved a vertical takeoff akin to a helicopter, forward acceleration, a shift from thrust-based to wing-based flight, and a controlled vertical landing.

Strategic investment
Stellantis‘ latest investment follows its strategic moves earlier this year, which saw the acquisition of 8.3 million shares of Archer’s stock in March, positioning the investor as the largest shareholder in the company, according to data from the London Stock Exchange Group (LSEG).

In 2023, Stellantis had already committed $110 million to Archer through a combination of stock purchases and funding agreements.

In June, Archer received the Federal Aviation Administration’s (FAA) approval to commence commercial operations.

This approval, known as Part 135 Certification, makes Archer the second eVTOL company to achieve this milestone, following Joby Aviation.