Stellantis Partners with Archer to Develop Electric Aircraft and Provides Strategic Funding for Growth

Stellantis and Archer Aviation have announced plans to significantly expand their partnership by joining forces to manufacture Archer’s electric vertical take-off and landing (eVTOL) aircraft, Midnight. Stellantis will work with Archer to set up a manufacturing facility in Covington, Georgia, where the companies plan to begin producing the Midnight aircraft in 2024. The Midnight is designed to be safe, sustainable, and quiet, with a payload of over 1,000 pounds and a range of 100 miles. It is optimized for back-to-back short distance trips of around 20 miles, with a charging time of approximately 10 minutes in between. The partnership will leverage each company’s respective strengths and competencies, with Archer bringing its eVTOL, electric powertrain, and certification expertise and Stellantis contributing advanced manufacturing technology and expertise, experienced personnel, and capital to the partnership. This is intended to enable the rapid scaling of aircraft production to meet Archer’s commercialization plans, while allowing Archer to strengthen its path to commercialization by helping it avoid hundreds of millions of dollars of spending during the manufacturing ramp-up phase. The goal is for Stellantis to mass produce Archer’s eVTOL aircraft as its exclusive contract manufacturer.

In addition to collaborating on the production of the Midnight aircraft, Stellantis will also provide up to $150 million in equity capital for potential draw by Archer at its discretion in 2023 and 2024, subject to certain business milestones being achieved. Archer expects these milestones to be met in 2023. Stellantis also plans to increase its strategic shareholding in Archer through future purchases of Archer stock in the open market. These actions, along with the other elements of this expanded partnership, will enable Stellantis to become a long-term, cornerstone investor in Archer.

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

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