Archer Aviation raised $175m in funding, secured $230m more, and plans to launch an air taxi network in Los Angeles by 2026 with potential military applications.

Archer Aviation, an eVTOL aircraft developer, raised $175m in funding from existing investors, including Fiat Chrysler parent Stellantis and United Airlines Holdings, for its planned 2025 launch. Stellantis will also invest up to $370m to cover labor-related manufacturing costs, enabling Archer to produce 650 units of its flagship 'Midnight' aircraft annually. Archer secured additional $230m of equity capital, including from Stellantis and United Airlines, and plans to launch a Los Angeles air taxi network by 2026, with potential military applications due to the US DoD airworthiness assessment.

August 09, 2024
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