Lilium was once a standout in electric aircraft but has succumbed to financial pressures and operational challenges, ultimately leading to its decision to shut down operations.
Despite raising over $1 billion from notable investors and securing contracts for its electric jets, Lilium fell short of raising essential funds, mainly due to a denied request for government loans.
Following a significant accident with one of its prototypes and subsequent financial hurdles, the company faced mounting difficulties that culminated in its plans to file for insolvency.
With the German government's refusal to approve a vital loan guarantee, Lilium has acknowledged the end of its journey, stating it will move forward with insolvency proceedings.
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