Flying car or electric vertical takeoff and landing (eVTOL) stocks have taken off in the past six months. There have been plenty of positive developments in the flying car space, which is why many of the stocks linked to the sector have taken off. Therefore, within a short time, the fantasy of flying cars is on the cusp of becoming our reality. Moreover, with the stock market in correction mode, it’s ideal to scoop up flying car stocks to buy on the dip.
Though the sector is still in the genesis stage, it’s tough to deny its rapid growth and transformative potential, possibly evolving into a trillion-dollar market. Investors seeking long-term gains are scanning for potential multibagger flying car stocks. With that said, here are three flying car stocks offering incredible long-term potential for gains ahead.
EHang (EH)
Like its peers, EHang (NASDAQ:EH) has witnessed a considerable slowdown in its stock’s ascent in the past six months. However, its stock market performance cannot take away from the aggressive strides it is making in the eVTOL space. It is aggressively expanding its productive abilities and global reach, positioning it for sustained growth and value creation.
The firm recently received a production certificate from the Civil Aviation Administration of China, a move likely to facilitate mass production of the eVTOL aircraft. Additionally, as of July last year, it had conducted an impressive 39,000 trial flights across multiple countries across Asia, Europe, and the Americas.
Going global is a key element of EHang’s strategy. It is setting up urban air mobility (UAM) centers in Spain and Japan. Furthermore, it plans to develop UAMs to facilitate smart city management in the UAE, the Middle East, and the North African region.
Joby Aviation (JOBY)
Joby Aviation (NYSE:JOBY) is one of the top picks in the flying car space. Though its still pre-revenue, its stellar pipeline and multiple partnerships give us a glimpse of its long-term growth trajectory. Its government services pipeline alone is worth $163 million, which is expected to swell further if it can continue to impress on its path to commercialization.
Moreover, JOBY is looking to quite literally prepare ground in its target markets to effectively streamline the commercialization process. In doing so, it has linked up with another eVTOL company in Atlantic toelectrify the existing aviation infrastructure in southern California and New York.
Furthermore, it was recently shown the green signal to launch its hotly anticipated air taxi services in the United Arab Emirates. The contract will begin next year, awarding the firm an exclusive six-year contract, to run its air taxi service in Dubai. With all these catalysts in play, analysts at Tipranks expect a 44% upside in JOBY stock from current prices.
Archer Aviation (ACHR)
Archer Aviation (NYSE:ACHR) is another leading pick in the flying car industry. Though it’s trading sideways is late, its long-term potential is undeniable. It is developing its flagship Midnight aircraft to achieve Type Certification with the Federal Aviation Administration (FAA) by next year. Moreover, it is finishing up its EVTOL manufacturing facility in Georgia, which can produce up to 650 aircraft annually.
Furthermore, it wouldn’t have to worry about the costs involved in its path to commercialization as it is being taken care of by Stellantis (NYSE:STLA). Archer CEO Adam Goldstein noted that the partnership with Stellantis provides substantial cash flow benefits for the firm.
Furthermore, Archer will be looking to begin electric air taxi trials in India by next year, expecting to launch commercial operations by 2026. Also, in its collaboration with Falcon Aviation is collectively developing a vertiport network in Dubai and Abu Dhabi.
On the date of publication, Muslim Farooque did not have (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