Automakers Stellantis and Archer Aviation agreed on a partnership to produce Midnight, their flagship electric vertical take-off & landing (eVTOL) aircraft, announced Stellantis in a press release.
Why we write about this topic:
To fast-track electric aircraft production, carmakers’ experience can come in handy.
Midnight is designed to be safe, sustainable, and quiet. Furthermore, with its expected payload of over 1,000 pounds – about 453 kg – it can carry four passengers plus a pilot. With a range of 100 miles – 160 km – Midnight is optimized for back-to-back short-distance trips of around 20 miles – 32 km – with a charging time of approximately 10 minutes in-between. Stellantis and Archer plan to begin manufacturing in 2024.
Funding for growth
The partnership is intended to enable the rapid scaling of aircraft production while allowing Archer to strengthen its path to commercialization. The goal is for Stellantis to mass produce Archer’s eVTOL aircraft as its exclusive contract manufacturer.
As a further sign of its commitment, Stellantis will provide up to $150 million – around €140 million – in equity capital for a potential draw by Archer at its discretion in 2023 and 2024. This capital is subject to the achievement of specific business milestones which Archer expects to occur in 2023. Stellantis also intends to increase its strategic shareholding through future purchases of Archer stock in the open market. These actions will enable Stellantis to become Archer’s long-term, cornerstone investor.
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