3 Flying Car Stocks to Watch Now: May 2024 

Stocks to buy

In the 1990s, some of us may have thought we would have had flying cars by now. In 2024, we may not have flying cars like the ones featured in those 1980s science fiction films. Indeed, Blade Runner-esque flying cars seem to be well off the table. That said, a class of intriguing electric vertical take-off and landing (or eVTOL for short) aircraft looks very intriguing.

Many eVTOLs today resemble “giant drones” or mini helicopters (some aspects of the technology are quite similar), while others look like futuristic mini jets. Either way, they aim to solve the traffic issue, especially in crowded cities like New York, Los Angeles and Vancouver.

Indeed, many eVTOL companies may be worth putting on a watchlist. As it stands, the eVTOL market remains highly speculative. It’s tough to pinpoint which firms will rise should the eVTOL market finally take off. Of course, only time will tell as the eVTOL plays to test the skies.

In short, eVOTLs are remarkable technologies but be cautious about the extreme volatility and uncertainty in flying car stocks. Here are three to keep on the radar.

Joby Aviation (JOBY)

Source: T. Schneider / Shutterstock.com

Joby Aviation (NYSE:JOBY) is perhaps the most impressive flying car (or eVTOL) stock for investors who believe in the future of the nascent transportation technology. Until now, JOBY stock has been trading extremely wildly, with a beta of over two, implying a much more turbulent ride than the S&P 500.

With the stock going for just over $5 per share, traders may wish to monitor the name as it looks to gain traction following recent progress with its pre-production flight test program. Undoubtedly, such progress represents a small but meaningful step in the right direction, but don’t expect air taxis to start rolling out anytime soon. There’s still a long way to go.

The eVOTL play is looking to launch in the United Arab Emirates (UAE) to grab the world’s attention. Specifically, Joby is looking to Dubai as a place to take the skies first.

As to when the launch will happen, I have no idea. Further, given the uncertainties and lack of profitability, I struggle to value the stock. I’m okay with staying on the sidelines, but it won’t stop you from buying if you’re keen on investing in the industry.

Archer Aviation (ACHR)

Source: T. Schneider / Shutterstock.com

Archer Aviation (NYSE:ACHR) is another big name in the eVOTL scene. The company boasts a $1.23 billion market cap, less than half of Joby’s $3.55 billion market cap at the time of writing. At $3 and change per share, ACHR stock has an even lower admission price for small retail investors with an appetite for high-risk speculation.

Recently, the stock has been on the decline, now off over 47% from its 52-week peak of over $7 per share. Undoubtedly, there’s a haze of uncertainty as Archer (and Joby) looks to fly into the UAE region.

Whether the UAE flights happen in late 2025, 2026, or further out, ACHR stock will surely be a major mover when the big day comes. Should such flights have a smooth take-off and landing, ACHR stock could be a major mover.

I wouldn’t touch the stock because it’s lacking in profits. Until progress on that front, I’m content with holding off. But if you want to watch the market, ACHR is a name to put on the radar.

Lilium N.V. (LILM)

Source: T. Schneider / Shutterstock.com

Finally, we have Lilium (NASDAQ:LILM), which has actually been picking up traction in recent weeks. Over the past month, shares are up over 48%. With a $666.4 million market cap at the time of writing, Lilium is the smallest of this trio, but perhaps things could change as rampant volatility strikes.

What’s contributing to the recent run? The company is reportedly discussing expanding its production capacity with France’s government. Indeed, it’s a positive development, and though Lilium arguably has one of the most impressive-looking eVTOL jets of the pack, I’m just not sure how much of the recent momentum can be sustained given the steep ups and downs of the eVTOL market.

In any case, it is encouraging that the firm keeps progressing and hitting milestones. Despite this, I hesitate to recommend loading up at current levels until I see some profits. I’d much rather stash the name on my radar and watch it closely.

On the date of publication, Joey Frenette 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.

Joey Frenette is a seasoned investment writer specializing in technology and consumer stocks. Contributing to the Motley Fool Canada, TipRanks, and Barchart, Joey excels in spotting mispriced stocks with long-term growth potential in a fast-paced market.

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