For years I have believed that flying cars, also known as electric vertical take-off and landing (eVTOL) aircraft, will be very successful because they will enable consumers to travel around metropolitan areas without being encumbered by traffic. I am not alone. According to a recent study by MarketsandMarkets, for example, the eVTOL sector will jump from $1.2 billion in 2023 to $23.4 billion by 2035. That is an astounding compound annual growth rate of 52%. In addition to avoiding traffic, eVTOls will be popular because they will be relatively affordable. In fact, according to Axios, they will cost about the same as a trip with certain rideshare services. Here are three of the best flying car stocks to buy now to exploit the market’s huge growth.
Joby Aviation (JOBY)
eVTOL maker Joby Aviation (NYSE:JOBY) continues to make commendable progress towards selling its flying cars.
Most recently, the firm selected Dayton, Ohio as the site for its first eVTOL factory, which is slated to build as many as 500 eVTOLs annually. Moreover, Toyota (NYSE:TM), which certainly knows a thing or two about building factories and large-scale manufacturing, will advise Joby on rolling out the factory. And meanwhile, the company intends to start recruiting employees for the factory in the coming months.
The company’s eVTOLs are designed to travel as quickly as 200 miles per hour while transporting as many as four passengers. They are expected to be rolled out in 2025.
Archer Aviation (ACHR)
Archer Aviation (NYSE:ACHR) announced last month that it had obtained $215 million of new funding from automaker Stellantis (NYSE:STLA). In addition to Stellantis, two other heavy hitters, United Airlines (NASDAQ:UAL) and Boeing (NYSE:BA), have invested in Archer.
Also noteworthy is that Archer agreed to make Boeing’s subsidiary Wisk its exclusive provider of autonomous flying. That suggests that Archer will indeed develop autonomous eVTOLs in the long-term, likely greatly boosting the company’s top and bottom lines.
Further, ACHR reported that it had met all of the Federal Aviation Administration’s safety milestones, allowing it to begin testing its eVTOL. The company stated that it would begin carrying out those tests soon.
The company’s progress and impressive partners make it one of the top flying car stocks
Eve (NYSE:EVEX) is a subsidiary of Brazilian airplane maker Embraer (NYSE:ERJ). Embraer’s large pockets will enable Eve to relatively quickly and efficiently begin building eVTOLs. Indeed, Eve intends to launch a flying car prototype by the end of this year with the goal of mass production by 2026. And very impressively, to date EVEX has obtained 3,000 orders for its eVTOLs.
Also noteworthy is that Eve has obtained a high-powered American partner. It made a deal in June to provide eVTOLs to United Airlines for use in San Francisco. The airline has ordered 200 air taxis form Eve, and United noted that Eve’s relationship with Embraer played a key role in their decision.
On the date of publication, Larry Ramer did not hold (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.