The 3 Hottest Flying Car Stocks to Watch in 2024

Stock Market

With some of the hottest flying car stocks ready to take flight, investors may want to get on board.

Once they surge, we could be looking at a potential $3.8 billion market by 2035, according to Allied Market Research. And according to Morgan Stanley, it may be an explosive $1.5 trillion opportunity by about 2040. 

Flying cars could initially gain market share from cars on the road, planes and public transportation. However, it could also open up a whole new world of business across multiple sectors. In its base case, these opportunities point to a total addressable market of $1.5 trillion by 2040. A more bullish forecast places the market at $2.9 trillion,” says Morgan Stanley.

With that potential, investors may want to jump on some of the hottest flying car stocks now.

Joby Aviation (JOBY)

Source: T. Schneider / Shutterstock.com

The last time I mentioned Joby Aviation (NYSE:JOBY), it traded at nearly $6.80. Shortly after, it would hit $7.12, and crash to about $6 with the broad market pullback. But don’t write it off just yet. 

In fact, you may want to use the latest dip as an opportunity. 

First, the company is still working toward an expected commercial launch by 2025. Also, it announced a partnership with Japan to create take-off and landing infrastructure. And it showed NASA how “air taxi operations can be integrated into today’s airspace, including at busy airports, using existing air traffic control tools and procedures,” as noted by Joby Aviation.

Even better, according to a company press release, “A Joby aircraft became the first electric air taxi delivered to the U.S. Air Force — months ahead of schedule — as part of the Company’s $131 million contract with the Department of Defense.”

Earnings haven’t been too shabby either. In its most recent quarter, it reported nil EPS, which beat expectations by 18 cents. Additionally, it ended its quarter with $1.1 billion in cash.

Archer Aviation (ACHR)

Source: T. Schneider / Shutterstock.com

Another one of the hottest flying car stocks to own is Archer Aviation (NYSE:ACHR), which soared from about $4.50 to $7 before nose-diving to $5.60. Again, this is one not to dismiss. It’s down with the broad market pullback. 

Also, the company plans to launch its air taxi services in Abu Dhabi and Dubai by 2026. And, it just signed a memorandum of understanding with Air Chateau International for 100 Midnight aircraft worth up to $500 million. Plus, analysts at Barclays just raised their price target on ACHR to $6.50 from $4.50.

“The analyst says electric vertical take-off and landing producers are making real capital and certification progress and investors are asking more detailed questions, ‘suggesting a more mature capital market,’” as noted by TheFly.com.

Lilium (LILM)

Source: T. Schneider / Shutterstock.com

Lilium (NASDAQ:LILM) recently jumped from about 61 cents to a high of $1.41 before slipping with the broader market. 

Additionally, the company just inked a memorandum of understanding (MoU) with Lufthansa Group to explore a partnership on eVTOL aircraft operations in Europe. Also, it signed an MoU with CITIC Offshore Helicopter to set up eVTOL operations in China.

Impressively, according to a 2023 shareholder letter, LILM has continued to “meet all key development and certification milestones for the targeted first manned flight of our type-conforming Lilium Jet in late 2024.”

Moving forward, I’d like to see the LILM stock double, if not triple over the year, all thanks to growing excitement about flying cars.

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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