FutureFlight On The Radar
Iceberg Short-Selling Report Targets Lilium Mainly over Battery Claims for Ducted Fan eVTOL Design
The March 14 report argues that Lilium is losing ground in the race to launch eVTOL commercial operations and also that it has overstated the solidity of announced aircraft sales to date.

Not for the first time, a prominent eVTOL aircraft developer has become the target of a short-selling report aimed at undermining its credibility with investors. Back in February 2021, Wolfpack Research triggered an acrimonious dispute (and apparently unresolved lawsuit) when it challenged China’s EHang. Just over 12 months later, on March 14, Iceberg Research published a report arguing that Germany’s Lilium is “the losing horse in the eVTOL race.”

Iceberg released the report on the day that a large portion of Lilium’s shares were “unlocked” following its September 2021 Wall Street initial public offering based on the company’s combination with special purpose acquisition company Qell. The report concludes that Lilium’s cash reserves will support its development work for only another 18 months.