10:20 AM EDT, 06/10/2024 (MT Newswires) -- Lilium (LILM), a developer of electric vertical take-off and landing aircraft, said Monday it has entered into a collaboration with China's Shenzhen-based Bao'an District for the establishment of its Asia-Pacific regional headquarters through its recently created Chinese entity.

The collaboration will make Lilium "an active and contributing industry player in the region's low altitude economy," supporting relationships with local infrastructure partners, customers and regulatory authorities, the company said.

Lilium also said it will undertake certification and validation in China, which it said is expected to have roughly 25% of the global electric vertical take-off and landing market.

Shares in the company were 1.1% higher in recent trading.

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