Benzinga - by Nabaparna Bhattacharya, Benzinga Editor.
Lilium N.V. (NASDAQ: LILM) and CITIC Offshore Helicopter Co. inked a memorandum of understanding to allow the two companies to collaborate and establish an eVTOL operation network in China, starting with the Greater Bay Area.
Lilium is a developer of all-electric vertical take-off and landing, also known as eVTOL.
"China is expected to account for close to 25% of the eVTOL market and this announcement reaffirms our commitment to the region and desire to bring fast and sustainable travel to more people and to offer outstanding flight experiences for our customers," Klaus Roewe, CEO of Lilium commented.
As part of the deal, Lilium and CITIC Offshore will work together to develop regional services based on market demand and eventually offer regular eVTOL services.
The news follows Lilium's partnership with other suppliers in the China region, including an agreement with Heli-Eastern and an MOU with the Bao'an District of Shenzhen municipality.
"The partnership highlights the shared aspirations of COHC and Lilium to create a sustainable and efficient aerial transportation system that addresses the growing demand for premium regional mobility solutions," Roewe added.
Read Next: Insurance Company Fidelity National Financial Hit With Cyberattack - Unauthorized Access Leads To Business Disruption
Price Action: LILM shares are trading higher by 8.23% to $0.9029 on the last check Friday.
Photo Via Company
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.