Stellantis to build Archer air taxi and will boost its stake
, will provide up to $150 million in equity capital for potential draw by Archer at its discretion in 2023 and 2024, subject to achievement of certain business milestones.
Stellantis will also increase its existing stake in Archer through stock purchases in the open market, though its CEO Carlos Tavares said it wanted to keep a minority holding. "We are here to support, not to control," he said at a press conference at Archer's headquarters in San Francisco.On why the car company is branching out into aircraft manufacturing, Tavares said:"You can enjoy freedom of mobility with any kind of mobility tool. It can be a bicycle, it can be a car, it can be an aircraft, it can be anything else, so any high technology equipment which can deliver freedom of mobility safe, clean and affordable, is what we are committed to.
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