Flying Taxi Company Sells Stellantis 8M More Shares

Automaker Stellantis has purchased 8.3 million shares of eVTOL (electric vertical takeoff and landing) maker Archer Aviation.

The series of share purchases were made in a series of open market purchases over several days, with the average Archer stock price at about $5.

Stellantis plans to exclusively produce the Archer Midnight electric aerial vehicle (EAV).

“We are on the cusp of changing the way the world moves in the sky,” said Adam Goldstein, founder and CEO of Archer. “Archer and Stellantis are working side by side to realize a once-in-a-generation opportunity to redefine urban transportation and deliver tremendous value to the world’s cities and our shareholders.”

Last year, Archer raised $215 million from Stellantis, Boeing, United Airlines and ARK Investment Management. Total funding at that time was $1.1 billion.

Archer’s goal is to replace 60- to 90-minute car trips with 10- to 20-minute flights. The Archer Midnight can carry four passengers and a pilot and is aimed at trips of 20 to 50 miles, with 10 minutes of battery charging time between flights.

Archer has already started construction of the first three of its flying taxi vehicles to be used for the federal approval process.

The EAV maker is set to begin the final assembly in coming weeks and those piloted EAVs are aimed at flight testing and subsequent uses in “for credit” flight testing with the Federal Aviation Administration (FAA). 

Related:Flying Car Startup Funding Tops $1B; Backed by Boeing, United Airlines

Final assembly of the Archer Midnight EAVs is being done at the company’s manufacturing facility in San Jose, California.

For mass production of the EAVs, a high-volume manufacturing facility is being built in Georgia.

The facility is expected to be completed this year and ultimately able to produce up to 650 flying vehicles a year.

Archer recently signed a Space Act Agreement with NASA for the testing of its battery cell and system design, with plans to share the results to aid the advanced air mobility (AAM) market.

Midnight’s battery system has been upgraded to include some of the first high-voltage battery packs from the Archer manufacturing facility.

The company recently signed a deal with Air Chateau International for the private aviation operator to purchase the EAV to be operated in the United Arab Emirates.

Archer and Air Chateau also plan to explore opportunities around infrastructure investment necessary for regional cities to prepare for operations.

Archer previously outlined its intent to build an engineering center of excellence to support the growing advanced air mobility industry in the UAE and across the Middle East.

Related:Flying Taxi Company Moving to Production; Final Testing Next

The flying vehicle maker recently announced plans to start air taxi operations in Abu Dhabi and Dubai in 2026.

Archer is not alone in expanding its global operation.

EAV jet maker Lilium recently announced that ArcosJet DMCC is going to purchase 10 of its electric jets and become the exclusive dealer for its private jets in the region.

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