Lilium's Air Taxi Prototype Hits 62 MPH In Test Flight But Faces Stiff Competition

German start-up Lilium released video footage of the air taxi in flight on Tuesday. This means we are one step closer to flying cars. Here is what we know.

Known as the Lilium Jet, the aircraft has five seats and is completely electric. The prototype was seen flying through the air at 100 kilometers per hour (62 miles per hour). The company announced that the tests were successful. This is the same aircraft that was first unveiled in May. At that point, the craft was seen lifting off, hovering, and landing.

Lilium hopes to be conducting commercial flights by 2025. The ultimate goal is to effectively produce enough aircraft that customers will be able to order them, just like a taxi. You read that right, an airborne taxi.

The company announced its plans to fly passengers from Manhattan to JFK Airport within six minutes for a mere $70. That is comparable to a cab ride, minus the wait. The service is not available yet! While the tests have been promising, there are many more regulations that need to be met for the craft to be flown over major cities.

The significant challenge for all of this is that the aircraft is piloted from the ground. Most regional governments are having a difficult time regulating recreational drones. They don't want to even consider a large scale remote piloted jet carrying passengers. If all goes according to plan, you will be able to order an air taxi from your phone, just like getting an Uber.

The market for these concept vehicles is pretty fierce. Uber, Boeing, Airbus, Volocopter, and Ehang are all trying for a piece of the financial pie.

Lilium is backed by plenty of money. The details are not being discussed, but when pressed on the matter, Chief Commercial Officer Remo Gerber stated: "Lilium is very well-capitalized." As if to underscore the point, Lilium has recently opened a new 3,000 square meter factory. This facility is scaled up to produce hundreds of its jets per year. Public information shows that the company has raised $100 million from its many international backers.