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Archer says Stellantis to help fund some air-taxi production costs
Economic Times
·
12m ago
Medial
Archer Aviation has reached an agreement-in-principle with Stellantis, under which the automaker will bear up to $370 million of labor-related costs to support Archer's aircraft production. This funding will help Archer produce 650 units of its flagship eVTOL aircraft annually. Archer has also secured an additional $230 million in equity capital, including from Stellantis and United Airlines. However, the eVTOL industry is facing challenges with battery technology and infrastructure, as well as certification to carry passengers. Archer shares rose briefly on the news but later fell, as the company reported another quarterly loss. Archer also plans to launch an air mobility network in Los Angeles by 2026.
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Archer aviation raised $215 million led by its strategic partner Stellantis
Startup News FYI
·
1y ago
Medial
Archer Aviation, a company focused on electric vertical takeoff and landing (eVTOL) aircraft, has secured $215 million in funding. Stellantis, a strategic partner, led the funding round. Archer plans to use the funds to accelerate the development of its eVTOL aircraft and advance its goal of creating sustainable urban air mobility solutions.
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IndiGo Parent To Launch Electric Air Taxis In India By 2026
Inc42
·
1y ago
Medial
IndiGo Airlines' parent company, InterGlobe Enterprises, is set to launch an electric air taxi service in India by 2026, in partnership with Archer Aviation. The joint venture aims to deploy 200 electric vertical takeoff and landing (eVTOL) aircraft in Delhi NCR, Mumbai, and Bengaluru. The initial route is expected to connect Connaught Place in Delhi to Gurugram in under seven minutes. The cost of the deal is estimated at $1 billion. Archer Aviation is currently in discussions with the US Federal Aviation Administration for certification of its eVTOL planes.
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InterGlobe's air taxi service to cover 90-minute trips in 7 minutes
Livemint
·
1y ago
Medial
Indian airline IndiGo, owned by InterGlobe Enterprises, has partnered with American aviation company Archer to launch an electric air taxi service called 'Midnight'. Set to begin operations in Delhi, Mumbai, and Bengaluru in three years, the eVTOL aircraft will offer a 7-minute flight alternative to the current 60 to 90-minute travel time by car. The service aims to address urban traffic congestion and may also be expanded for cargo and emergency medical services.
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Archer to join IndiGo, ride-hailing apps to expand reach of electric air taxis
Livemint
·
1y ago
Medial
InterGlobe, the largest shareholder of IndiGo, is set to form a joint venture with Archer Aviation to launch electric air taxis in India in 2026. Archer Aviation, based in California, is developing electric air taxis with a range of 100 miles and a maximum speed of 240 km per hour. The company expects to gain certification from the US aviation regulator by the end of 2025 and launch in India soon after. The joint venture will also explore opportunities in cargo, logistics, medical services, private charter services, and more in India.
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Nvidia Says New Chip Remains on Track After Forecast Disappoints
Livemint
·
8m ago
Medial
Nvidia has reassured investors that its AI-focused product lineup will support its growth, although production and engineering costs are proving more expensive than anticipated. The company's highly anticipated Blackwell products are set to ship in Q4 2022, but the costs of the chips may impact profit margins. Nvidia's sales forecast for the current period fell short of some more optimistic projections, leading to a tepid reaction from investors. Despite this, the company expects demand for AI products to remain strong in the short term and is confident in its growth prospects.
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ePlane aims to complete air-taxi prototype by the end of 2024, says founder
Livemint
·
1y ago
Medial
Aerospace marketplace ePlane plans to complete its prototype of the e200X air taxi by the end of the year. The company, incubated at IIT-Madras, aims to have several prototypes ready for certification and commercialization by 2026. ePlane is developing compact electric vertical-takeoff-and-landing (VTOL) air taxis and aims for full-scale urban commercialization by 2027. The company is also working on services such as agritech, medical cargo, air ambulances, and advanced aircraft development. ePlane has filed for intellectual property rights in about 30 countries and is focused on reducing road emissions through its compact vehicles.
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Stellantis pledges invest $2.1 million in Italian production in 2025 during talks with government
Livemint
·
7m ago
Medial
Stellantis, the world's fourth-largest automaker, plans to invest 2 billion euros in Italian production and another 6 billion euros in the supply chain next year. The announcement comes as the company aims to boost its operations in Italy after the recent merger between Fiat Chrysler and PSA Peugeot. Stellantis will launch more than a dozen new models in its Italian factories by 2032, including a Fiat Pandina city car and hybrid vehicles from Jeep and Alfa Romeo. However, economic development minister Adolfo Urso expressed concerns over new European rules requiring the production of electric vehicles.
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Boeing calls time on the Great American Outsourcing
Livemint
·
1y ago
Medial
Boeing has announced its plans to acquire Spirit AeroSystems, an aircraft-fuselage maker, in an all-stock deal. This acquisition signals a shift away from a decades-long trend of outsourcing in the corporate world. The pandemic significantly impacted jet production, leading to losses for Spirit AeroSystems. Additionally, their quality-control issues have caused problems for Boeing. The deal with Boeing will help resolve some of those issues, and both companies believe that vertical reintegration will benefit air-travel safety. This turnaround demonstrates a growing realization that outsourcing may not always be ideal.
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EV startup Rivian's production chief joins Stellantis
Economic Times
·
11m ago
Medial
Rivian's head of manufacturing, Tim Fallon, is leaving the company to join Stellantis as its head of manufacturing in North America. This comes at a crucial time for Rivian as it is expanding its facility in Illinois to produce a smaller and more affordable SUV. Fallon, a former Nissan executive, oversaw a manufacturing plant overhaul at Rivian earlier this year. Rivian has appointed its head of logistics, Carlo Materazzo, to oversee production in the interim. Stellantis aims to launch 25 EV models in the U.S. by 2030 and plans to introduce a Jeep EV model costing less than $25,000.
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The 2024 all-electric Dodge Charger debuts with muscle car donuts, drifts and even a Hellcat rumble
TechCrunch
·
1y ago
Medial
Stellantis has unveiled two all-electric versions of the Dodge Charger, with features designed to appeal to muscle car enthusiasts, including a system that mimics the sound of a traditional V-8 engine. The EV coupes, the 2024 Charger Daytona Scat Pack and the Daytona R/T trim, are scheduled for production in mid-2024. These launches are part of Stellantis' plan to reduce its global carbon footprint and achieve net-zero carbon emissions by 2038. However, the company is not abandoning gas-powered vehicles altogether and plans to offer the next-generation Charger with internal combustion engines as well.
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