3 Flying Car Stocks to Make You the Millionaire Next Door: 2024 Edition

Flying car investments have transcended from being science fiction to becoming viable realities. Last July, Alef Aeronautics earned FAA approval for testing and started accepting reservations. The non-publicly traded company anticipates delivering its $300,000 Model A by 2025. The vehicle is predicted to offer a 200-mile road range and an air range of 110 miles. Majority of publicly traded companies in this sector are creating variants of the flying cars, with many resembling electric helicopters. Electric Vertical Takeoff and Landing Vehicles (eVTOLs) have become the new promising innovation. Joby Aviation is considered a leading entity in the flying car market. In collaboration with NASA, the company ran a simulation illustrating its car's potential of performing 120 flights per hour in busy airports. Joby Aviation and its peers are investing in the Air Taxi space, forming significant affiliations and creating potential routes between main airport hubs and neighboring regions. This aims to drastically shorten airport commute times. For instance, Joby Aviation anticipates reducing the commute time from John F Kennedy Airport to its surrounds from one hour to seven minutes. It recently received a $9.8 million grant for expanding its production facilities in Marina, California, which will create an extra 690 jobs. Archer Aviation, another significant name in the flying car market and a major competitor to Joby Aviation, recently received a $1 million payment from the Air Force, part of a $142 million contract. This payment is linked to the delivery of a flight training simulator, easing the DoD’s planned purchase of Archer Aviation’s Midnight eVTOLs. Apart from governmental projects, Archer Aviation has secured valuable commercial partnerships, such as a memorandum of understanding with Air Chateau for the delivery of 100 Midnight aircraft valued at $500 million. It has also established robust relations with United Airlines linked to Chicago's O’Hare airport and has outlined plans for routes to and from Newark Liberty Airport. Lilium, based in Germany, is manufacturing eVTOLs similar to Joby Aviation and Archer Aviation. Although Lilium's vehicles look different, they are functionally equivalent to those of the other two organizations. Unlike Joby and Archer's propeller-equipped eVTOLs, Lilium's feature a series of electric jets on their four wings. Although Lilium is riskier and more underdeveloped, the firm is focusing on the expanding air taxi services, making it an enticing investment in flying car stocks.