Lilium Stock Is Taking Off Thursday: What's Happening?

Shares of electric Vertical Take-Off and Landing (eVTOL) company Lilium N.V. LILM are trading higher Thursday after the company announced it signed a Memorandum of Understanding (MoU) with Lufthansa Group for a strategic partnership.

What To Know: Lilium and Lufthansa are set to explore a strategic partnership on eVTOL aircraft operation in Europe centered around innovation opportunities in aviation. The MoU will allow the companies to look into opportunities for collaboration with third parties like airports and regional partners.

The news comes a day after Lilium commenced production of its Lilium jet. Lufthansa has a current fleet of over 700 commercial aircraft. The European market is expected to account for a demand of around 9,200 eVTOL aircraft through 2035.

"We are delighted that the Lufthansa Group has decided to cooperate with us to jointly advance in the future of flying. The Lufthansa Group has been at the forefront of some of Europe's most important aviation initiatives, especially in the area of environmental sustainability. We are thrilled to explore opportunities on bringing eVTOL flights to Lufthansa Group customers," said Klaus Roewe, CEO of Lilium.

See Also: What's Going On With ChargePoint Stock?

LILM Price Action: Lilium shares were up 14.4% at $1.27 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Lilium.