Archer Aviation Inc. (NYSE: ACHR) and Stellantis N.V. (NYSE: STLA) have announced significant progress in their strategic manufacturing partnership. Construction is currently underway for the world's first high-volume eVTOL aircraft manufacturing facility in Covington, Georgia. Stellantis has increased its shareholding in Archer through open market stock purchases, and their personnel are actively collaborating with Archer's team.

The facility, slated to be operational by mid-2024, aims to initially produce up to 650 aircraft per year, with the potential for expansion to 2,300 aircraft per year, solidifying its position as the leading aircraft manufacturing site globally.

On Friday, $ACHR closed at $3.99, marking a decline of $0.46 (-10.34%), while $STLA closed at $17.34, up $0.18 (+1.05%).

Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) has updated the timing of its FF 91 2.0 Futurist Alliance Phase 2 delivery from the second quarter of 2023 to August 2023 due to supplier constraints and additional system testing related to enhanced safety features.

The company is actively improving its supply chain and conducting system testing while continuing to collaborate with its Phase 1 Futurist Product Officers (FPOs) for ongoing product and technology enhancements.

Additionally, the Board of Directors has approved a proposal for a reverse stock split of the company's common stock. The proposed range for the reverse stock split is between 1-for-2 and 1-for-90 shares of outstanding Common Stock. The company views this as a strategic decision to support its development phase and increase the market price of the Class A Common Stock to mitigate the risk of delisting from The Nasdaq Capital Market.

On Friday, $FFIE closed at $0.44. However, following the announcement, the stock price dropped to $0.27 (-37.79%) in after-hours trading.

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