The announcement of a significant investment has been causing shares of Archer Aviation Inc. (NYSE: ACHR) to soar during today’s trading session. According to the latest current-market check, the price of ACHR stock on US stock markets has increased by 12.90% to $4.20.
Investment of $55 Million Strengthens Archer Aviation
Archer Aviation (ACHR) came extending its strategic finance arrangement with Stellantis with the announcement of a substantial $55 million investment. This latest funding follows the successful completion of Archer’s transition flight test milestone last month.
Stellantis’ commitment underscores their ongoing support, having previously purchased 8.3 million shares of Archer Aviation’s stock earlier this year through open market transactions. In total, Stellantis has invested $110 million in Archer Aviation during 2023, combining open market purchases with strategic funding initiatives.
Expansion Plans and Manufacturing Milestones
Archer Aviation remains steadfast in its trajectory towards completing the construction of a high-volume manufacturing facility in Georgia by year’s end. This initial phase will encompass a sprawling 350,000 square foot facility across approximately 100 acres, poised to facilitate the production of up to 650 aircraft annually.
Such ambitious plans position Archer Aviation’s facility among the largest by volume in the aircraft industry. By utilizing Stellantis’ manufacturing experience, ACHR hopes to strengthen its commercial ramp-up efforts through its contract manufacturer relationship.
Urban Mobility Redefined with a Strategic Vision
With this most recent round of funding, Archer Aviation is poised to lead the way in a future in which urban mobility crosses traditional borders. In order to reinvent urban mobility, Archer Aviation needs Stellantis’ steadfast backing and strategic vision. When combined, they promise to improve the accessibility of effective mobility solutions for citizens worldwide, enabling connectivity to people, places, and activities in many locales.
Since 2020, Stellantis has been a crucial part of Archer Aviation’s development, building a cooperative relationship spanning supply chain, production, and design expertise. Since 2021, Stellantis has been an investor and a strategic partner, and it has been essential to Archer Aviation’s efforts to develop and market its cutting-edge eVTOL aircraft.
