News Summary

Lilium, the German startup known for its electric air taxis capable of vertical takeoff and landing, has ceased operations and laid off approximately 1,000 workers. Despite raising over $1 billion in funding and going public, Lilium struggled to secure additional financing necessary to continue its operations. Co-founder Patrick Nathen announced the shutdown on LinkedIn, marking an end to their pursuit of greener aviation technology. The company had previously demonstrated its VTOL air taxis flying at speeds over 100 km/h, though the Lilium Jet prototype was designed to reach 300 km/h with a range of 300 kilometers. A few employees will remain to assist with the company’s liquidation process, and the future of its technology and assets remains uncertain. However, new reports suggest that a consortium of investors may have a plan to resurrect the company.