Archer Aviation and Stellantis agree on contract manufacturing for Midnight aircraft

Archer Aviation reached an agreement in principle with Stellantis for a contract manufacturing relationship. Stellantis will contribute up to ~$400 million to help scale Archer's Midnight aircraft production to 650 aircraft annually at Archer's Georgia facility through 2030.

“Stellantis to contribute up to ~$400M to help scale Archer's Midnight manufacturing to 650 aircraft annually through an obligation to cover manufacturing labor costs as well as certain capital expenditures at Archer's Georgia manufacturing facility through 2030.”investors.archer.com

• 1 source
• investors.archer.comArcher Aviation - Archer Announces Key Terms Of Contract Manufacturing Relationship With Stellantis–Representing Up To ~$400M To Help Scale Midnight Production To 650 Aircraft Annually–Secures $230M In Additional Equity Capital From Strategic & Institutional InvestorsAug 8, 2024

Summarized from public sources; check the original articles before acting on it.