Lilium faces insolvency as air taxi firm struggles to raise cash [Video]

German aerospace startup Lilium faces insolvency if it doesn’t raise emergency funding from the state government for the southeastern state of Bavaria.

Insolvency would mark a dramatic fall for a startup once touted as Europe’s best chance at building the 21st-century equivalent of “cars” that can fly.

Lilium is one of a series of firms trying to build “eVTOLs,” or electric vertical take-off and landing, vehicles.

Popularly known as flying cars or air taxis, these vehicles are being developed by startups in the United States, Europe and Asia.

Today, however, Lilium is in trouble. The company is desperately trying to raise taxpayer funds in Germany. And so far, it’s been unsuccessful.

The firm had requested 50 million euros ($54 million) …