30May
Stellantis, the world's fourth-largest automaker, has announced plans to venture into the electric aircraft industry through a new partnership with Archer Aviation.
The two companies have signed a memorandum of understanding to work together on the development and production of electric vertical takeoff and landing (eVTOL) aircraft.
The eVTOL aircraft, also known as a flying car, is designed to take off and land vertically like a helicopter, but fly horizontally like a traditional aircraft. It is expected to revolutionize urban transportation by providing a faster and more efficient means of travel, particularly in congested cities.
Under the partnership, Stellantis will provide its expertise in advanced propulsion technologies and materials, while Archer will contribute its expertise in aircraft design and engineering.
The collaboration is expected to accelerate the development of the electric aircraft and bring it to market faster.
"This is an exciting partnership that brings together two innovative companies with complementary expertise," said Carlos Tavares, CEO of Stellantis. "We believe that the eVTOL aircraft has the potential to transform transportation and we are committed to making it a reality."
The eVTOL aircraft is expected to have a range of up to 60 miles at speeds of up to 150 miles per hour, making it ideal for short trips. It will also be environmentally friendly, with zero emissions, and significantly quieter than traditional helicopters.
The partnership between Stellantis and Archer is the latest in a series of moves by automakers to venture into the electric aircraft industry.
Earlier this year, General Motors announced plans to develop an eVTOL aircraft in partnership with aerospace company, Vertical Aerospace.
"We are thrilled to partner with Stellantis, a company that shares our vision of a sustainable future," said Brett Adcock, co-founder and co-CEO of Archer. "With their expertise in advanced propulsion technologies and materials, we believe that we can accelerate the development of our electric aircraft and bring it to market faster."
The partnership between Stellantis and Archer is subject to the execution of definitive agreements and customary closing conditions. The financial terms of the partnership have not been disclosed.
The eVTOL aircraft is expected to become a major market in the coming years, with analysts projecting that it could be worth over $1 trillion by 2040.
The partnership between Stellantis and Archer puts the two companies in a strong position to capitalize on this emerging market and revolutionize urban transportation.
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