German Lilium subsidiaries file for voluntary insolvency

Lilium Aviation, the German electric vertical take-off and landing (eVTOL) aircraft developer has suspended operations in the United States and Canada, and its US and Canadian subsidiaries have filed for voluntary insolvency.

The company cited the global economic downturn and delays in certifying its Lilium Jet as reasons for the move.

Lilium said in a statement that the decision was "difficult but necessary" and that it would "continue to work closely with its partners and suppliers to explore all options for the future of the company." Lilium Aviation, which was founded in 2015, has raised over $600 million in funding from investors including Baillie Gifford, Tencent, and Atomico.

The company's Lilium Jet is a seven-seater eVTOL aircraft that is designed to have a range of 155 miles and a top speed of 186 mph. Lilium had planned to begin commercial operations in 2025, but the company has now said that it will need to "reassess its timeline" in light of the recent developments.

The news of Lilium's insolvency filing comes as a blow to the eVTOL industry, which has been seen as a potential game-changer for the aviation sector. A number of companies are developing eVTOL aircraft, and they hope to revolutionize urban transportation by offering fast, affordable, and emissions-free flights.