09:52 AM EDT, 07/02/2024 (MT Newswires) -- Archer Aviation ( ACHR ) , a manufacturer of electric vertical takeoff and landing aircraft, said Tuesday that it has received an additional $55 million investment from automaker Stellantis ( STLA ) .

The investment is part of a strategic funding agreement between the companies and follows the successfully completed transition flight test of Archer's Midnight aircraft last month.

Archer said construction of its manufacturing facility in Covington, Georgia, is nearing completion and is expected to be completed later this year.

Shares of Archer Aviation ( ACHR ) were up more than 8% in recent trading.

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