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Electric aircraft startup Lilium ceases operations, 1,000 workers laid off
Lilium, a pioneer in the electric aircraft industry, has ceased its operations and laid off approximately 1,000 employees after months of struggling to secure financing and exit insolvency. The abrupt decision marks a significant blow to the company’s ambitious vision of revolutionizing the aviation sector.
According to reports, Lilium had been working on developing vertical take-off and landing (VTOL) aircraft capable of reaching speeds of up to 100 km/h. Despite attracting prominent backers like Tencent and securing a major order for 100 electric jets from Saudi Arabia, the company failed to generate sufficient revenue or find a sustainable business model.
In October, Lilium announced it would file for insolvency after being unable to secure emergency funding from the German government. As a result of this development, the company lost control of its subsidiaries, including Lilium eAircraft.
The news has sent shockwaves throughout the startup community and beyond, as many had been following Lilium’s progress with great interest.
Source: techcrunch.com
