Flying taxi startup Lilium faces significant risk of going bankrupt or shutting down if it can’t raise additional funds.

The Lilium Jet, priced at $10 million, was scheduled to take its first planned flight in early 2025. The company had promised to deliver aircraft in 2026.

Seven years after its first test flight, German electric air taxi manufacturer Lilium has run out of funding and filed for insolvency for its two primary subsidiaries.

Electric aircraft startup Lilium is shutting down after failing to raise emergency money from the German government, according to a regulatory

Lilium NV said its main subsidiaries may be forced to file for insolvency proceedings within days as the electric flying taxi firm struggles to raise enough funding to continue operations.The subsidiaries have become “overindebted” and won’t be able to pay existing liabilities,

German air-taxi developer Lilium said on Thursday two of its subsidiaries in the country have decided to file for insolvency following unsuccessful talks with state and federal governments to solve its cash crisis.

Shares of Lilium tanked Thursday after the air taxi firm said in a filing that its two main subsidiaries plan on filing for insolvency in the coming days.