Stellantis reinforces investment in aircraft company. Buy 3% for around 40 million – Aviation

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Stellantis reinforces investment in aircraft company. Buy 3% for around 40 million

The automotive giant led by Carlos Tavares reinforced its investment in Archer Aviation, a North American company that plans to manufacture an electric vertical take-off aircraft.

Stellantis reinforced its bet on Archer Aviation, a North American company that plans to manufacture an electric vertical take-off aircraft (eVTOL), with the purchase of around 3% of the capital – approximately 8.3 million shares – on the stock exchange, indicated this Monday the automotive group led by Carlos Tavares.

In total, Stellantis will have invested around 41.5 million dollars in purchasing the shares, which corresponds to 38.1 million euros at the current exchange rate.

After the acquisitions, Stellantis now holds approximately 16.75% of Archer’s capital.

In a statement, Stellantis said that “construction of the first phase of Archer’s high-volume manufacturing facilities in the state of Georgia, USA, continues to be in line with completion objectives by the end of this year. The first phase integrates the construction of approximately 32,116 m2 on a plot of approximately 40.5 hectares, a structure designed for the production of up to 650 aircraft per year”.

Archer’s Midnight plane is designed to carry four passengers and a pilot and “is optimized for consecutive short trips of around 20 to 50 miles, with a charging time of approximately 10 minutes in between.”

“Archer has established itself as a market leader in aviation electrification and we believe that together we can usher in the next revolution in transportation,” said Carlos Tavares, CEO of Stellantis. “This recent move by Stellantis signals our confidence in the Archer team and the progress we have seen, first-hand, through our deep partnership,” he adds, quoted in the statement.