Lilium (NASDAQ:LILM) stock is flying higher on Tuesday after the electric aircraft company revealed it’s starting up test flights in Spain.
This has the company testing out its Phoenix 2, which is an all-electric vertical take-off and landing (eVTOL). The current tests are taking place at the ATLAS Flight Test Center and will cover full transition and high-speed flight.
During that time, Lilium will introduce another demonstration eVTOL called the Phoenix 3. It expects this new aircraft to “accelerate the flight test campaign,” which will “increase learnings and reduce program risks.”
Lilium has high hopes for its tests at the ATLAS Flight Test Center. It notes that the area gives it plenty of room to test out the transformation from vertical to high-speed flight in an unpopulated area. Also playing a part are the excellent weather conditions around the location.
Daniel Wiegand, co-founder and CEO of Lilium, said the following in a press release.
“We are excited to have kicked off our next phase of flight testing in Spain. This step takes us even closer to reaching our goal of creating a sustainable and accessible mode of high-speed, low noise regional air mobility.”
News of the test flights has LILM stock seeing heavy trading today. As of this writing, more than 4 million shares of the stock have changed hands. That’s well above the company’s daily average trading volume of about 1.8 million shares.
LILM stock is up 2.2% as of Tuesday morning but is still down 35% since the start of the year.
Investors seeking more stock market news for today are in the right place!
InvestorPlace has all the latest stock news traders need to know about for Tuesday! That includes what has shares of Gogoro (NASDAQ:GGR) stock, Sphere 3D (NASDAQ:ANY) stock, and Black Rifle Coffee (NYSE:BRCC) stock on the move today. You can find out all about these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.