(CercleFinance.com) – Stellantis now holds more than 10% of the capital of Archer Aviation, according to a notice published Wednesday on the website of the Securities and Exchange Commission (SEC).
According to the document, the automotive group now controls 10.6% of the manufacturer of electric aircraft, of which it had become a strategic partner at the start of the year.
Last January, Stellantis and Archer Aviation announced a partnership through the joint production of Archer’s electric vertical take-off and landing (eVTOL) aircraft.
The two groups are currently working on the construction of a production site in Covington, Georgia, where production of the Midnight aircraft is expected to start next year.
Stellantis had then provided Archer with $150 million in equity and said it planned to increase its strategic stake in the company through the subsequent acquisition of securities on the market.