Stellantis (STLA.US), the car manufacturer that owns brands such as Jepp, announced on Tuesday that it will invest an additional $55 million in Archer Aviation (ACHR.US), an air taxi company.
Archer Aviation achieved a milestone in flight testing last month. Archer is expected to complete the construction of its Georgia batch production factory later this year. The first phase of the factory covers an area of about 350,000 square feet and can produce up to 650 aircraft per year.
Stellantis had previously completed a $39 million public market purchase of Archer Aviation shares earlier this year. Stellantis will also invest $110 million in Archer in 2023.