By Ben Glickman

Shares of Archer Aviation rose Thursday after Stellantis increased its ownership stake in the company.

The stock was up 4.9% to $5.27 in afternoon trading. Shares have nearly tripled in value this year.

According to a regulatory filing, Stellantis purchased 12.3 million shares of the electric-aircraft maker at $5.68 a share on Oct. 16, an investment of about $70 million.

Stellantis's stake in Archer now stands at just over 31 million shares.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

October 19, 2023 13:57 ET (17:57 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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