Pumping $150 million into a loss-making flying-car company looks like an odd use of money for a carmaker. Stellantis Chief Executive Carlos Tavares has plenty to worry about already, like a looming recession and growing competition from Chinese giants. Yet the auto group’s deal with $513 million Archer Aviation looks like a savvy bet.
Stellantis, which already owns a small stake in Archer, is acting more like a venture capitalist than a corporate raider: it has committed to buy new shares when the flying-car maker hits undisclosed milestones. At the same time, it locks in a deal to build Archer’s Midnight vehicle, which looks like a cross between a helicopter and a small plane. It’s a relatively low-risk way of getting exposure to a promising but still uncertain sector.
Archer too gains, mostly by piggybacking on the muscle and experience of a manufacturing giant. It also locks in secure funding at a time when public and venture capital investors are increasingly jittery. In that respect the deal could be a model for a more grounded financial era. Hong Kong’s hamsters sound shrill warning
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