Lilium (NASDAQ:LILM) stock is on the rise Thursday as the electric vertical takeoff and landing (eVTOL) company secured an order for up to 100 of its aircraft.
This order comes from Saudia Group and includes 50 Lilium eVTOLs. The company also has an option to acquire another 50 of its jets. This follows up on a memorandum of understanding signed between the two companies in October 2022.
Saudia Group expects to receive Lilium’s first jets starting in 2026. These will be designed for premium travelers, with room for six passengers and luggage. Saudia Group will also assist Lilium with obtaining certification from Saudi Arabia’s aviation regulatory agency.
H.E. Engr. Ibrahim Al-Omar, director general of Saudia Group, said the following about the agreement:
“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.”
LILM Stock Movement on Thursday
News of the eVTOL order brings with it heavy trading of LILM stock today. This has more than 4.1 million shares changing hands as of this writing. That’s well above its daily average trading volume of about 3.9 million shares.
LILM stock is up 2.2% as of Thursday morning. However, the shares are still down 10% since the start of the year.
Investors will want to keep reading for more of the most recent stock market news today!
We have all of the hottest market happenings that traders need to know about on Thursday. Among that is what has shares of Wayfair (NASDAQ:W), Palantir (NASDAQ:PLTR) and Domino’s Pizza (NYSE:DPZ) stock in the news today. All of that info is ready at the following links!
More Thursday Stock Market News
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- The $50 Bull Case for Palantir (PLTR) Stock: What to Know
- Why Is Domino’s Pizza (DPZ) Stock Down 12% Today?
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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
