Flying car stocks can mint millionaires. The eVTOL industry is at an interesting point, with several companies headed for commercialization in the next 12 to 24 months. Early-movers will have an advantage in an industry that holds promise for the coming decades.
In the last few quarters, flying car stocks have been relatively subdued. However, business developments have remained positive for some of the best names in the industry. Therefore, it’s a good time to buy the best stocks before they surge higher.
Regarding industry potential, it’s estimated that the global flying car market will be worth $920.5 million by 2030. Further, the market size is expected to hit $1 trillion by 2040. Some of the best flying car companies are already pursuing global expansion. With a big addressable market, massive value creation is likely.
So, let’s talk about three flying car stocks that can be millionaire-makers in the next five years.
Archer Aviation (ACHR)
Even after some corrections in the last six months, Archer Aviation (NYSE:ACHR) stock has been 96% higher over 12 months. The current downside is a golden opportunity to accumulate before ACHR stock skyrockets.
Among the positives, Archer is positioned to launch commercial operations in the United States in 2025. This year, the company expects to complete the manufacturing facility for the annual production of its 650 eVTOL aircraft.
Recently, Archer announced working with Falcon Aviation to launch flying car operations in Dubai and Abu Dhabi as early as 2025. In India, Archer is partnering with InterGlobe to launch commercial operations in 2026.
AQrcher will have a presence in three countries by 2026 and already has an order backlog of $3.5 billion. The backlog will likely swell as the company forges partnerships in more countries. Overall, the stage seems set for stellar growth in the next few years and ACHR stock is poised to deliver multibagger returns.
EHang Holdings (EH)
EHang Holdings (NASDAQ:EH) stock has surged by 76% in the last month. The rally from oversold levels is likely to be sustained with the commercialization of the eVTOL aircraft.
After receiving the necessary certifications, EHang completed its debut commercial flight demonstrations in Guangzhou and Hefei in Dec. 2023. The company also delivered 52 units of EH216 in 2023. Deliveries will likely surge in the next 24 months. This is underscored by the company’s unveiling of its EH216-S eVTOL for international markets in February with a retail price of $410,000.
EHang has partnered with Wings Logistics Hub to purchase up to 100 units of the EH216 series eVTOLs. The partnership will focus on the UAE, the Middle East and North Africa. Additionally, EHang has conducted thousands of trial flights in European and Asian countries. This will likely translate into a swelling order book for eVTOL aircraft in the coming quarters.
Joby Aviation (JOBY)
Joby Aviation (NYSE:JOBY) stock has been in a correction mode in the last two quarters. However, business developments remain positive and it’s a good opportunity to buy for multibagger returns.
Regarding business developments, Joby Aviation has completed three of the five stages of the type certification process. The company is on track for commercialization in 2025. Outside the United States, it has signed a definitive agreement with the government of Dubai that includes exclusive rights to operate air taxis in the Emirate for six years.
It’s worth noting that Joby ended 2023 with a cash buffer of $1 billion. This provides high financial flexibility for investment toward manufacturing operations. Further, the company expects to end the year with a cash buffer of $440 to $470 million. Therefore, I don’t see any equity dilution visibility in the next 12 to 18 months.
On the date of publication, Faisal Humayun 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.