Stellantis is increasing its investment in and hopes to become the exclusive manufacturer of Archer eVTOL aircraft.
Stellantis will build an electric aircraft for California-based Archer Aviation, and also increase its investment in the company.
Announced at this week's CES in Las Vegas, the deal calls for Stellantis to oversee a planned Archer factory in Covington, Georgia, which is scheduled to start building aircraft in 2024. The automaker will provide its manufacturing expertise, with the aim of becoming Archer's exclusive manufacturing partner, according to a Stellantis press release.
Stellantis has been a"strategic partner" of Archer since 2020, and began investing in the company in 2021. At CES, the automaker confirmed an additional $150 million of funding for Archer to be delivered in 2023 and 2024 if the company meets certain performance targets. Stellantis also plans to grow its stake in Archer by purchasing shares on the open market.Several other automakers have shown interest in eVTOL aircraft.
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