Investing.com -- Shares of Archer Aviation Inc. (NYSE:ACHR) climbed 6% following the announcement that the company has completed the construction of its high-volume manufacturing facility, ARC, situated next to the Covington Municipal Airport in Georgia. This development marks a significant step for the company as it prepares to commence production of its all-electric vertical take-off and landing aircraft, Midnight, in early 2025.
The completion of ARC represents a transition from research and development to commercialization, with the company targeting an initial production rate of two aircraft per month by the end of 2025. This move is part of a broader partnership with automotive giant Stellantis (NYSE:STLA), which is providing capital, advanced manufacturing technology, expertise, and personnel to help scale the facility to an annual output of 650 aircraft by 2030.
The news was well-received by local government officials, with Georgia Governor Brian Kemp and Congressman Mike Collins expressing their support for the project and its potential to drive innovation, job creation, and economic benefits in the region. Archer’s founder and CEO, Adam Goldstein, highlighted the swift and on-budget completion of the facility as a testament to the company’s execution capabilities and the industry’s readiness for commercial electric aviation.
Stellantis Chief Manufacturing and Supply Chain Officer Arnaud Deboeuf also commented on the milestone, emphasizing the significance of the partnership in advancing clean mobility.
Archer’s Midnight aircraft is designed to provide a sustainable, low-noise, and safe alternative to ground transportation in congested urban environments. With the completion of ARC, Archer Aviation is positioning itself at the forefront of electric aircraft production, aiming to impact the future of urban transportation significantly.
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