All of the ingredients appear to be in place to make electric vertical take-off and landing, or eVTOL, aircraft very successful. These vehicles, also known as flying cars, will be a quicker, more economical way to move passengers around cities. Additionally, many airlines and governments appear to be seriously pursuing and supporting eVTOLs. For example, NASA, the Pentagon, United Airlines (NASDAQ:UAL), American Airlines (NASDAQ:AAL), Azul Brazilian Airlines and the United Arab Emirates have all invested significant amounts in eVTOLs. Given all of these points, I believe that the demand for these flying cars will be quite strong. Here are the three top flying car stocks to buy now.
Archer Aviation (ACHR)
Archer (NYSE:ACHR) has signed an agreement to provide “electric air taxi” services in Abu Dhabi. Under the deal, Abu Dhabi will incentivize Archer, likely through financial grants. According to the agreement, Archer is expected to start providing eVTOL services in Abu Dhabi by 2026.
Over the longer term, the deal will help Archer reach similar agreements with other nations. This emphasizes Archer’s potential as one of the best flying car stocks to buy.
Archer has also obtained a deal worth as much as $142 million from the Pentagon, while Stellantis (NYSE:STLA) has invested in the firm and is helping it build its eVTOLs.
Joby (JOBY)
Like Archer, Joby (NYSE:JOBY) has obtained a deal with part of the United Arab Emirates. Specifically, last month, Joby announced an agreement to provide air taxi services in Dubai by early 2026. Under the agreement, the firm will have exclusive rights to these services for six years. Joby should be able to use its connections in Dubai, along with word-of-mouth, to obtain similar deals in other nations.
Also importantly, the FAA appears to be on board with moving Joby’s eVTOLs forward. The agency has approved the firm’s blueprint for its propulsion system and signed off on all relevant plans. As a result, Joby can begin the process of testing its eVTOLs.
Finally, Joby has a $131 million deal with the U.S. Air Force.
Eve Mobility (EVE)
Eve Mobility (NYSE:EVE), a subsidiary of Brazil-based Embraer (NYSE:ERJ), the world’s third-largest airplane maker, continues to make remarkable progress on the eVTOL front. The company recently announced that it expects to unveil its initial eVTOL prototype next quarter and aims for certification for its air taxis by 2026.
Meanwhile, Eve has been busy making forays in East Asia. In tandem with Yugo Global Industries, a Singapore-based aviation firm, Eve is examining the feasibility of launching air taxi service in Southeast Asia.
Eve has also signed a deal to provide its air traffic management software to the Japanese government. The agreement will not only provide Eve with revenue in the medium term, but will likely lead to the firm eventually offering eVTOL services in Japan. Given the huge crowds in Tokyo and the fact that the city has a sizable number of wealthy individuals, it should be a very lucrative market for eVTOLs.
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.