Lilium Sees Rising Costs as eVTOL Development Work Accelerates
In 2022, Lilium will relocate flight testing of its fifth-generation technology demonstrator from Germany to Spain where better weather will allow it to expand the flight envelope.
Lilium is increasing expenditures as it steps up the preliminary design review for the six-passenger eVTOL aircraft for which it is seeking EASA type certification in 2024. Announcing its first quarterly results since completing a merger with Qell Acquisition and a New York Stock Exchange listing in September, the German company said that as it prepares its budget for 2022 it anticipates rising costs resulting from the Covid pandemic, supply chain pressures, and inflationary trends.
As of September 30, Lilium had $529 million cash available. It expects spending for the whole of 2021 to be on budget at $221 million. So far this year, the start-up has recruited more than 150 employees to reach a total workforce of 750.
