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Electric aircraft startup Lilium has run out of money

Electric aircraft startup Lilium is shutting down after failing to raise emergency money from the German government, according to a regulatory

Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade. Lilium, which was developing vertical take-off and landing (VTOL) aircraft with speeds of up to 100 km/h, had raised more than $1 billion from investors before going public in 2021 on the Nasdaq Exchange via a reverse merger with a blank-check company, SPAC Qell. Lilium had success landing a number of high-profile investors like Tencent and locking in customers, including an order for 100 electric jets from Saudi Arabia.

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