German electric aircraft startup Lilium has ceased operations and laid off approximately 1,000 employees, representing the bulk of its workforce, after failing to secure financing and exit insolvency. The layoffs, confirmed in late December 2024, followed an earlier round of about 200 job cuts. Founded in 2014, the company had raised over $1 billion and gone public in 2021, developing a vertical take-off and landing (VTOL) aircraft. Despite attracting major backers and orders, Lilium struggled financially for months and filed for insolvency in October 2024 after a failed bid for German government aid. A potential rescue emerged just after the shutdown announcement, with a consortium agreeing to acquire subsidiaries to facilitate a restructuring.
