Stellantis announced a deal with air taxi startup Archer to mass-produce the company’s electric vertical takeoff and landing (eVTOL) vehicles. The deal, which was announced during CES at Las Vegas, designates Stellantis as the exclusive contract manufacturer for Archer’s Midnight eVTOL aircraft.
As part of the deal, Stellantis will provide $150 million in equity capital for Archer to use “at its discretion” in 2023 and 2024, Archer said. The two companies entered into a definitive agreement to allow Archer to access Stellantis’ supply chain and manufacturing expertise back in January 2021. Now, they’re taking things a step further.
Archer has since gone public by merging with a special purpose acquisition company called Atlas Crest…