(CercleFinance.com) – Stellantis and Archer Aviation announce the conclusion of an agreement for the joint production of the electric vertical take-off and landing (eVTOL) aircraft, the Midnight.
Stellantis and Archer will work together to build the production site, in Covington (Georgia, USA), where the company plans to start production of the Midnight aircraft in 2024.
With a range of 160 km, the Midnight is optimized for short consecutive journeys of approximately 30 km with a recharge time of approximately 10 minutes between each journey.
Archer is contributing its world-renowned team of eVTOL, electric motor and certification experts, while Stellantis is contributing its industry-leading manufacturing expertise and technology, team expertise and capital.
Stellantis will contribute up to $150 million in equity for Archer to use at its discretion in 2023 and 2024, subject to Archer achieving certain 2023 targets.
‘The strengthening of our partnership with Archer as a strategic investor and our plans to grow our equity stake in the company are proof that Stellantis continues to push the boundaries to provide eco-responsible mobility solutions for all. , on the road and in the air,” said Carlos Tavares, CEO of Stellantis.
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