LILM - Saudia Group Signs Industry-Leading Sales Agreement With Lilium to Acquire Up to 100 eVTOL Jets | Benzinga
- The firm order for 50 Lilium jets, with an option for 50 more, is the largest commitment in the eVTOL sector by an airline operator
- Saudia Group leads the aviation industry in the MENA region with the first agreement for the purchase of eVTOL jets
MUNICH, Germany, July 18, 2024 (GLOBE NEWSWIRE) -- Saudia Group and Lilium N.V. (NASDAQ:LILM), a leading electric aircraft manufacturer and pioneer in Regional Air Mobility (RAM), today signed a binding sales agreement for 50 Lilium Jets, with options for the purchase of 50 more. The signature ceremony was held at Lilium's HQ in Gauting near Munich. The contract was signed by Fahd Al-Jarbou, CEO of Saudia Private, representing Saudia Group, and Lilium's CEO Klaus Roewe, in the presence of several distinguished guests including; Michael Kindsgrab, the German Ambassador to the Kingdom of Saudi Arabia; H.E. Engr. Ibrahim Al-Omar, Director General of Saudia Group; and Lilium Chairman Tom Enders.
This sales agreement, which follows the Memorandum of Understanding between Saudia Group and Lilium signed in October 2022, marks the largest of its kind in the MENA region and represents an important industry milestone as the largest reported firm order of eVTOL aircraft by an airline that plans to operate the aircraft. It signals a substantial commitment to electric aviation from a world-leading operator, as well as a clear preference towards the superior performance, economics, and passenger experience expected to be provided by the Lilium Jet.
The agreement includes a schedule of deposit and pre-delivery payments, timeline of future deliveries, guarantees on aircraft performance, and provisions on spare parts, maintenance, and repairs. In addition, the parties intend to sign a comprehensive "Lilium POWER-ON" agreement for aircraft fleet maintenance and support services.
H.E. Engr. Ibrahim Al-Omar, Director General of Saudia Group, commented at the signing event: "Saudia Group is proud to pioneer the MENA region as the first company to acquire all-electric eVTOL jets, which reflects our commitment to continuously reducing our carbon footprint and becoming an industry leader in regional electric aviation. We recognize the critical role that Lilium is positioned to play in enabling us to deliver a sustainable premium aviation experience and transport our guests even closer to their destination. This agreement amplifies our commitment to the Saudi Vision 2030 and is the result of a collaborative effort over the past years between Lilium and Saudia Group to explore how we can best bring eVTOL to the skies of Saudi Arabia. We are looking forward to the journey ahead."
He added: "The eVTOL jets are revolutionizing guest transportation. Their unique vertical take-off and landing capabilities open up entirely new routes. Imagine traveling up to 175 kilometers at speeds of 250 kilometers per hour, saving valuable time compared to traditional options. This technology also tackles traffic congestion head-on. Business travelers and exhibition attendees will benefit tremendously from the ease and speed of electric aircraft, allowing them to seamlessly attend and participate in events. These innovative vehicles will also be a game-changer for tourism, ...