Stellantis Doubles Down on Investment in Archer Aviation Inc.
It’s 2024, and yet, still no flying cars. The Jetsons, Fifth Element, and really any sci-fi show or movie before the year 2000 had a much grander view of what the future would look like. And yet, we can’t even get people to embrace all-electric vehicles or self-driving autonomous cars. Nevertheless, there are plenty of startups out there that claim their flying car or personal aircraft is ready for the market, only to never be heard of again. After all, the National Highway Traffic Safety Administration (NHTSA) doesn’t really have a department for that yet. Still, it won’t stop big-time automakers from trying to get in on the ground floor and release a flying car. Stellantis just invested an additional $55 Million on top of its initial $39 million investment in Archer Aviation Inc. following its recent flight test milestone.
“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…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.” – Archer CEO Adam Goldstein
They didn’t exactly share any information on the flight test milestone, so we can’t really say if it’s anything to write home about, but Archer Aviation Inc. is a leader in electric vertical takeoff and landing (eVTOL) aircraft production. Thanks to the investment by Stellantis, and Stellantis’ series of open market purchases of 8.3 million shares of Archer’s stock, the company has plenty of cash to put into the production of Archer eVTOL aircraft. Still working on the construction of its high-volume manufacturing facility in Georgia, this 350,000-square-foot facility is expected to have a pretty high production capacity. Once the facility is up and running, Archer expects to produce 650 aircraft annually. That’s quite the claim, and if successful, it would make Archer one of the largest manufacturing facilities by volume in the aircraft industry.
Again, no clear information on the flight test milestone, but Archer has flown 100+ flights so far this year (2024), with a goal of completing 400 flights. Testing aircraft 10-15 times per day, the company is getting closer and closer to its goal of transforming urban travel. With the intention of replacing the modern car, Archer estimates that the average 60-90-minute commute can be completed in an estimated 10-20 minutes in an electric air taxi flight. Said to be safe, sustainable, low noise, and cost-competitive with ground transportation, that’s a pretty large bet to make.
Are they saying the average consumer could afford one of these? If so, expect pilot license classes to be the new driving school of the future. Get on it before it becomes popular and expensive. At the moment, Archer’s Midnight is the main eVTOL in the spotlight. A four-passenger aircraft designed to perform back-to-back flights at high speeds, this aircraft can also compete with the modern battery-electric vehicle (BEV). The Archer Midnight can not only fly back and forth, but it also requires minimal charge time between flights, making it much faster to get back up in the air.
If Archer Aviation Inc. and all these other startups actually do make it past the NHTSA, it won’t be before the Department of Transportation gets a grant for designing airway highways like we’ve seen in Back to the Future and other films. Want to keep up to date on flying cars and Stellantis news? Follow along with us on Aventura Chrysler Jeep Dodge Ram social media.