Stellantis joins forces with U.S. firm Archer to build air taxis

Car maker Stellantis will help build Archer Aviation's electric aircraft Midnight eVTOL and increase its stake in the U.S. company, the two firms said in a joint statement on Wednesday.

The group, created from the merger of Fiat Chrysler with France's PSA, will provide up to $150 million in equity capital in 2023 and 2024, subject to the achievement of certain milestones, the statement said.

The vertical take-off and landing aircraft, which can carry four passengers and a pilot with a range of 100 miles (161 km), will be manufactured in Covington, Georgia, from 2024.