Chart of Day: Archer Aviation (ACHR) – 7/8

With a market cap of $1.36 billion, Archer Aviation (SYM: ACHR) is one of the top companies developing flying cars. Fueling upside, Stellantis just bought another 17.4 million shares for about $55 million on July 1. They were also big buyers of STLA throughout March as well. All of which tells us Stellantis continues to see big promise ahead for the flying car stock.

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Even better, Archer says it’s on track to complete its manufacturing facility in Georgia later this year, which should be able to support the production of 650 flying cars a year. 

Also, according to a Stellantis press release, “Stellantis has been a strategic partner to Archer since 2020 through various collaboration initiatives, and as an investor since 2021. During this time, Archer has leveraged Stellantis’ deep manufacturing, supply chain, and design expertise in connection with Archer’s efforts to design, develop, and commercialize its eVTOL aircraft.”

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