Electric Aircraft Pioneer Lilium Shuts Down, 1,000 Jobs Lost

Electric Aircraft Pioneer Lilium Shuts Down, 1,000 Jobs Lost

Lilium, a prominent electric aircraft startup that once raised over $1 billion and garnered significant investor interest, has ceased operations. The company, known for developing innovative vertical take-off and landing (VTOL) aircraft, laid off approximately 1,000 employees following unsuccessful attempts to secure financing and emerge from insolvency. The Downfall of an Ambitious Vision Lilium, founded in 2014, aimed to revolutionize air travel with its electric VTOL aircraft, promising faster and more environmentally friendly transportation. The company attracted substantial investment, including backing from major players like Tencent, and secured significant orders, such as a deal for 100 jets from Saudi Arabia. In 2021, Lilium further solidified its position by going public through a SPAC merger. Despite ambitious goals and initial progress, including the development and testing of a full-scale prototype, Lilium faced persistent challenges. The company remained years away from com…