Skift Take
There are several startups worldwide developing flyings taxis, but it's a capital-intensive venture. Lilium isn't the first to face empty coffers.
Flying taxis could reduce an airport commute from 90 minutes to 7. They could better connect small towns to urban areas. Optimistic investors believe they’re the future of urban travel.
There’s a lot in the way of making that reality. It comes down to capital. And Lilium, despite raising $1.1 billion since 2021, has run out.
The Germany company plans to file for insolvency and apply for government-supervised restructuring, according to a filing with the U.S. Securities and Exchange Commission on Thursday.
That means that Lilium faces significant risk of going bankrupt or shutting down if it can’t raise additional funds.
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