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Lilium (NASDAQ:LILM) stock is a hot topic among traders on Thursday after the electric vertical takeoff and landing (eVTOL) company announced a partnership with Lufthansa.
A press release reveals that the companies have signed a Memorandum of Understanding that may see them explore a strategic partnership. This would focus on the development and use of eVTOL in Europe.
Lilium and Lufthansa are both interested in expanding the use of eVTOLs in the region. That includes seeking partnerships with third parties, such as airports, and setting up vertiports.
Lilium CEO Klaus Roewe said the following about a potential partnership with Lufthansa.
“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.”
LILM Stock Market Movement Today
News of a potential strategic alliance with Lufthansa has shares of LILM stock seeing strong trading on Thursday. As of this writing, more than 3.2 million shares of the company’s stock have changed hands. That’s quickly closing in on the stock’s daily average trading volume of about 3.6 million shares.
LILM stock is up 13.1% as of Thursday morning.
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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.