Stellantis N.V. and Archer Aviation Inc. (NYSE: ACHR) today announced that Stellantis recently completed a series of open market purchases of ~8.3 million shares of Archer’s stock signaling Stellantis’ continued confidence in Archer’s plans to bring electric vertical take-off and landing (eVTOL) aircraft to market beginning in 2025. Stellantis’ increased investment in Archer follows CEO Carlos Tavares’ recent visit to Archer’s headquarters and manufacturing facilities in Santa Clara, California.
In January 2023, Stellantis announced that its goal was for Stellantis to mass produce Archer’s Midnight aircraft as its exclusive contract manufacturer thereby allowing Archer to strengthen its path to commercialization by helping it avoid hundreds of millions of dollars of spending. The construction on the first phase of Archer’s high-volume manufacturing facility in Georgia remains on track to be completed later this year. The first phase is a build out of ~350,000 square feet on a ~100 acre site designed to support production of up to 650 aircraft annually, which would make it one of the largest manufacturing facilities by volume in the aircraft industry.
Archer’s Midnight aircraft is designed to be safe, sustainable, quiet and carry four passengers plus a pilot. Midnight is optimized for back-to-back short distance trips of around 20-50 miles, with a charging time of approximately 10 minutes in-between.
“Archer has established itself as a market leader in the electrification of aviation and we believe that together we can usher in the next transportation revolution,” said Stellantis CEO Carlos Tavares. “This recent move by Stellantis signals our confidence in Archer’s team and the progress we see firsthand through our deep partnership.”
“We are on the cusp of changing the way the world moves in the sky,” said Adam Goldstein, founder and CEO of Archer. “Archer and Stellantis are working side by side to realize a once-in-a-generation opportunity to redefine urban transportation and deliver tremendous value to the world’s cities and our shareholders.”
Stellantis has been a strategic partner to Archer since 2020 through various collaboration initiatives, and as an investor since 2021. During this time, Archer has leveraged Stellantis’ deep manufacturing, supply chain, and design expertise in connection with Archer’s efforts to design, develop, and commercialize its eVTOL aircraft.
Motor 283 is the biggest automotive website created by a team of automotive enthusiats and this author page is used to show the readers the press releases and news posted on Motor 283 website.
Chevrolet is proud that the iconic Tahoe continues to set the standard for full-size SUVs, thanks in large part to its powerful V8 engine. As the leader in its class, the Tahoe's V8 offers unparalleled performance, reliability, and efficiency, making it the superior choice for drivers who demand the best.
At the core of the Chevrolet Tahoe is the legendary V8 engine, a testament to Chevrolet's commitment to engineering excellence. With up to 420 horsepower and 460 lb-ft (624 Nm) of torque, the Tahoe's V8 engine delivers an unrivaled driving experience, whether you're navigating city streets or towing heavy loads.
The Toyota GR Yaris, already revered in automotive circles for its punchy performance and compact, rally-inspired design, is getting a special edition in Italy that takes things to another level. This limited-run version of the hot hatch marks a significant milestone in Toyota's motorsport history: 53 years since the automaker secured its first victory in the World Rally Championship (WRC). To commemorate that achievement, the GR Yaris TGR Italy Limited Edition is paying homage to the 1973 Corolla 1600 Coupe that earned Toyota its first WRC win at the Press On Regardless (POR) event in Detroit.
Stellantis Middle East and Africa (MEA) region, integral to the Company's "Third Engine" strategy within its global operations, today marked a significant milestone in its MEA expansion with the launch and local assembly of the Jeep® Grand Cherokee L in Egypt at the Arab American Vehicles (AAV) plant, affiliated with the Arab Organization for Industrialization.