Stellantis is expanding its partnership with Archer Aviation to build the Midnight, an electric vertical takeoff and landing, or eVTOL, aircraft.
The aircraft is optimized for trips of about 20 miles and has a range of up to 100 miles. The charging time between trips is about 10 minutes.
Stellantis is providing up to $150 million in equity capital for Archer to draw down this year and next. But Archer will need to achieve certain business milestones to tap the funds, which Stellantis declined to reveal. Stellantis will support Archer's recently announced manufacturing facility in Covington, Ga., that will begin building Midnight in 2024.
Stellantis brings advanced manufacturing technology and expertise, experienced personnel and capital to the partnership.