- Investment from Stellantis under the companies’ strategic
funding agreement builds on the $39 million worth of open market
purchases of Archer stock that Stellantis completed earlier this
year, and the $110 million investment made by Stellantis in Archer
during 2023
- Construction nears completion on Archer’s high-volume
manufacturing facility in Covington, GA, which is on track to be
completed later this year
Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext
Paris: STLAP) and Archer Aviation Inc. (NYSE:ACHR), a leader in
electric vertical takeoff and landing (eVTOL) aircraft, today
announced Archer has received an additional $55 million investment
from Stellantis under the companies’ strategic funding agreement
following the achievement of its transition flight test milestone
last month.
This press release features multimedia. View
the full release here:
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Image of Archer's Midnight electric air
taxi flying during a recent flight test. (Photo: Business Wire)
This latest investment builds on Stellantis’ series of open
market purchases of 8.3 million shares of Archer’s stock in March
of this year that was previously announced. During 2023, Stellantis
invested $110 million in Archer through a combination of open
market stock purchases and investments under the companies’
strategic funding agreement.
Archer remains on track to complete construction of its
high-volume manufacturing facility in Georgia later this year. This
first phase of the build out is a ~350,000 square foot facility on
an ~100 acre site designed to support production of up to 650
aircraft annually, which would make it one of the largest
manufacturing facilities by volume in the aircraft industry.
Archer’s goal with this facility remains to establish a factory
that can support its planned commercial ramp up by leveraging the
expertise of Stellantis as its contract manufacturer.
“Few things rival the excitement of seeing a dream take flight.
I applaud the innovation, expertise and hard work of the
engineering and manufacturing teams from Stellantis and Archer,”
said Carlos Tavares, Stellantis CEO. “With this additional
investment in Archer, we remain on course for a future where
freedom of mobility extends beyond today’s roads.”
“The commitment by Stellantis to Archer has been unrivaled, from
its foresight to provide the manufacturing expertise and capital
needed to accelerate Archer’s business objectives, to the strategic
vision and steadfast support from Stellantis CEO Carlos Tavares,”
said Archer CEO, Adam Goldstein. “Together, we’re working to
redefine urban transportation, opening new worlds of opportunity
for citizens across the globe by providing more efficient access to
people, places, and events across the regions they live in.”
Stellantis has been a strategic partner to Archer since 2020
through various collaboration initiatives, and as an investor since
2021. During this time, Archer has leveraged Stellantis’ deep
manufacturing, supply chain, and design expertise in connection
with Archer’s efforts to design, develop, and commercialize its
eVTOL aircraft.
Archer’s goal is to transform urban travel, replacing 60–90
minute commutes by car with estimated 10–20 minute electric air
taxi flights that are safe, sustainable, low noise, and
cost-competitive with ground transportation. Archer’s Midnight is a
piloted, four-passenger aircraft designed to perform rapid
back-to-back flights with minimal charge time between flights.
About Stellantis
Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext
Paris: STLAP) is one of the world’s leading automakers aiming to
provide clean, safe and affordable freedom of mobility to all. It’s
best known for its unique portfolio of iconic and innovative brands
including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS
Automobiles, FIAT, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram,
Vauxhall, Free2move and Leasys. Stellantis is executing its Dare
Forward 2030, a bold strategic plan that paves the way to achieve
the ambitious target of becoming a carbon net zero mobility tech
company by 2038, with single-digit percentage compensation of the
remaining emissions, while creating added value for all
stakeholders. For more information, visit www.stellantis.com.
About Archer
Archer is a leader in the electrification of aviation. We are
designing and developing the key enabling technologies and aircraft
that are necessary to power the next great transportation
revolution. Our goal is for our proprietary technology to deliver
unprecedented connectivity to the people and places across the most
congested cities in the world. To learn more, visit
www.archer.com.
Stellantis Forward Looking Statements
This communication contains forward-looking statements. In
particular, statements regarding future events and anticipated
results of operations, business strategies, the anticipated
benefits of the proposed transaction, future financial and
operating results, the anticipated closing date for the proposed
transaction and other anticipated aspects of our operations or
operating results are forward-looking statements. These statements
may include terms such as “may”, “will”, “expect”, “could”,
“should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”,
“on track”, “design”, “target”, “objective”, “goal”, “forecast”,
“projection”, “outlook”, “prospects”, “plan”, or similar terms.
Forward-looking statements are not guarantees of future
performance. Rather, they are based on Stellantis’ current state of
knowledge, future expectations and projections about future events
and are by their nature, subject to inherent risks and
uncertainties. They relate to events and depend on circumstances
that may or may not occur or exist in the future and, as such,
undue reliance should not be placed on them.
Actual results may differ materially from those expressed in
forward-looking statements as a result of a variety of factors,
including: the ability of Stellantis to launch new products
successfully and to maintain vehicle shipment volumes; changes in
the global financial markets, general economic environment and
changes in demand for automotive products, which is subject to
cyclicality; Stellantis’ ability to successfully manage the
industry-wide transition from internal combustion engines to full
electrification; Stellantis’ ability to offer innovative,
attractive products and to develop, manufacture and sell vehicles
with advanced features including enhanced electrification,
connectivity and autonomous-driving characteristics; Stellantis’
ability to produce or procure electric batteries with competitive
performance, cost and at required volumes; Stellantis’ ability to
successfully launch new businesses and integrate acquisitions; a
significant malfunction, disruption or security breach compromising
information technology systems or the electronic control systems
contained in Stellantis’ vehicles; exchange rate fluctuations,
interest rate changes, credit risk and other market risks;
increases in costs, disruptions of supply or shortages of raw
materials, parts, components and systems used in Stellantis’
vehicles; changes in local economic and political conditions;
changes in trade policy, the imposition of global and regional
tariffs or tariffs targeted to the automotive industry, the
enactment of tax reforms or other changes in tax laws and
regulations; the level of governmental economic incentives
available to support the adoption of battery electric vehicles; the
impact of increasingly stringent regulations regarding fuel
efficiency requirements and reduced greenhouse gas and tailpipe
emissions; various types of claims, lawsuits, governmental
investigations and other contingencies, including product liability
and warranty claims and environmental claims, investigations and
lawsuits; material operating expenditures in relation to compliance
with environmental, health and safety regulations; the level of
competition in the automotive industry, which may increase due to
consolidation and new entrants; Stellantis’ ability to attract and
retain experienced management and employees; exposure to shortfalls
in the funding of Stellantis’ defined benefit pension plans;
Stellantis’ ability to provide or arrange for access to adequate
financing for dealers and retail customers and associated risks
related to the operations of financial services companies;
Stellantis’ ability to access funding to execute its business plan;
Stellantis’ ability to realize anticipated benefits from joint
venture arrangements; disruptions arising from political, social
and economic instability; risks associated with Stellantis’
relationships with employees, dealers and suppliers; Stellantis’
ability to maintain effective internal controls over financial
reporting; developments in labor and industrial relations and
developments in applicable labor laws; earthquakes or other
disasters; risks and other items described in Stellantis’ Annual
Report on Form 20-F for the year ended December 31, 2023 and
Current Reports on Form 6-K and amendments thereto filed with the
SEC; and other risks and uncertainties.
Any forward-looking statements contained in this communication
speak only as of the date of this document and Stellantis disclaims
any obligation to update or revise publicly forward-looking
statements. Further information concerning Stellantis and its
businesses, including factors that could materially affect
Stellantis’ financial results, is included in Stellantis’ reports
and filings with the U.S. Securities and Exchange Commission and
AFM.
Archer Forward Looking Statements
This press release contains forward looking statements regarding
Archer’s future business plans, including statements regarding its
aircraft performance, the planned production capacity and timing of
completion of Archer’s manufacturing facility, and the timing of
Archer’s development, commercialization, and certification of its
eVTOL aircraft. These forward-looking statements are only
predictions and may differ materially from actual results due to a
variety of factors. The risks and uncertainties that could cause
actual results to differ from the results predicted are more fully
detailed in Archer’s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K
and Quarterly Report on Form 10-Q, available at www.sec.gov. In
addition, please note that any forward-looking statements contained
herein are based on assumptions that Archer believes to be
reasonable as of the date of this press release. Archer undertakes
no obligation to update these statements as a result of new
information or future events.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240702578997/en/
Stellantis Media Contacts Fernão SILVEIRA +31 6 43 25 43
41 – fernao.silveira@stellantis.com Shawn MORGAN +1 248 760 2621 –
shawn.morgan@stellantis.com
Archer Media Contacts The Brand Amp -
Archer@TheBrandAmp.com
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