Electric Aircraft Startup Lilium Faces Shutdown After Funding Failures
Lilium, an electric aircraft startup, is shutting down due to a lack of emergency funding from the German government. Once a promising player in the electric aircraft industry, Lilium had raised over $1 billion and received high-profile orders, including 100 jets from Saudi Arabia. However, after a series of setbacks, including a fire incident with one prototype, the company struggled to secure additional funds. Following the denial of a €50 million loan by German lawmakers, Lilium plans to file for insolvency, relinquishing control of its subsidiaries.
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