LILM - Lilium receives order for eVTOL jets from UrbanLink

2024-05-06 08:23:50 ET

Lilium (NASDAQ: LILM) is up 10% at writing  after UrbanLink placed an order for 20 of its eVTOL jets.

UrbanLink may buy another 20 Lilium jets

The advanced air mobility operator could buy another 20 of its electric vertical take-off and landing aircraft at a later stage, as per the press release on Monday.

Urban Link expects the purchase to help it “begin operations with a regional network connecting cities in South Florida.

Lilium and the advanced air mobility operator refrained from divulging financial terms of the agreement they announced for now.

The news arrives months after secured EU approval for its air taxis as Invezz reported here . Despite the surge this morning, Lilium stock is down close to 40% versus its 52-week high.

Other details of -UrbanLink deal

The deal makes UrbanLink the first U.S. airline “fully committed to integrating eVTOL aircraft into its fleet”.

UrbanLink will use the network of vertiports that has built in Florida with its partners over the past five years.

What made Ed Wegel – the chief executive of UrbanLink pick Lilium over its rivals was the “super cabin design, range, capacity, and cost-effectiveness” of its eVTOL jets, the press release added.

Note that the German firm started assembly of its first jet late last year. It is now scheduled for the first piloted flight test before the end of 2024. Wall Street currently has a consensus “overweight” rating on Lilium shares .

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