Lilium N.V. ( LILM ) shares are trading higher after it entered into a definitive sales agreement with Saudia Group or 50 Lilium Jets, with options for an additional 50 aircraft.

Following the Memorandum of Understanding signed between Saudia Group and Lilium in October 2022, this sales agreement represents a significant milestone in the industry.

The deal marks the largest reported firm order of eVTOL aircraft in the MENA region by an airline committed to operating these aircraft.

The agreement details payment schedules, delivery timelines, performance guarantees, and provisions for spare parts and maintenance.

Additionally, the parties aim to finalize a “Lilium POWER-ON” agreement for fleet maintenance and support.

Saudia Group anticipates receiving its first jets in 2026, managed by its subsidiary, Saudia Private.

Lilium’s agreement with Saudia Group expands its order pipeline, comprising 106 firm orders and reservations, 76 options, and around 600 aircraft under MOU.

H.E. Engr. Ibrahim Al-Omar, Director General of Saudia Group, said, “This agreement amplifies our commitment to the Saudi Vision 2030 and is the result of a collaborative effort over the past years between Lilium and Saudia Group to explore how we can best bring eVTOL to the skies of Saudi Arabia.”

“Business travelers and exhibition attendees will benefit tremendously from the ease and speed of electric aircraft, allowing them to seamlessly attend and participate in events. These innovative vehicles will also be a game-changer for tourism, sports, and entertainment, offering a premium travel experience for these exciting destinations.”

Lilium is also in advanced discussions with global airlines committed to reducing carbon emissions and adopting electric regional air travel.

Yesterday, Lilium confirmed its 2026 delivery schedule for the first customer shipments, following a recent program review that includes testing, validation, and preparations for the first manned flight in early 2025.

Price Action: LILM shares are up 2.98% at $0.9999 premarket at the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.