Investing in flying car, or eVTOL (electric vertical takeoff and landing aircraft) stocks, once a sci-fi dream, now offers potential for impressive returns as this industry rapidly advances. Top flying car stocks present an enticing opportunity for early investors, potentially leading to significant wealth creation. Notably, many such companies have stocks that are currently trading at relatively attractive levels, for those who believe in the long-term growth potential of this sector.

Indeed, the flying car companies of the future aim to serve multiple industries, including industrials and tourism, with versatile applications like search and rescue or warehouse logistics improvement. The potential is vast for many of the names on this list below.

So, without further ado, let’s dive into three of the top flying car stocks I think are worth buying and holding for the next five years.

Archer Aviation (ACHR)

Archer Aviation (NYSE:ACHR) stock had a remarkable year, surging over 140%. The eVTOL company recently achieved a significant flight testing achievement with its Midnight aircraft. After four years of testing, the aircraft’s flight envelope is set to progress from hover to full wing-borne transition flight in the coming months, paving the way for “for credit” testing starting in early 2024.

Archer is at the forefront of developing air mobility platforms, particularly eVTOL crafts, offering quieter and more efficient transportation. The eVTOL market holds substantial growth potential, projected to reach $35.79 billion by 2032 at a compounded annual growth rate of 12.37%. However, regulatory challenges make ACHR stock volatile. Despite recent losses, analysts unanimously rate it a “buy” with a $9.25 target, suggesting 96.39% growth.

Moreover, Archer Aviation had an agreement with the Abu Dhabi Investment Office to launch an electric air taxi in the UAE by 2026, following the U.S. launch in 2025. This company has seen significant investor interest, including from high-profile growth funds such as Ark Invest, which recently acquired 1.27 million shares, indicating Cathie Wood’s significant confidence in Archer’s future in the eVTOL sector. Archer Aviation is poised for substantial growth, making this a a top flying car stock to consider right now.

Joby Aviation (JOBY)

Joby Aviation (NYSE:JOBY) is another top flying car stock in terms of year-to-date performance, more than doubling since the beginning of the year, at the time of writing. Joby’s CEO has restated plans to launch its green air taxi business by 2025. Additionally, the company holds a $131 million U.S. Air Force contract and collaborates with NASA.

The company’s current Air Force contract is proceeding impressively well, with Joby recently delivering its initial eVTOL as part of the contract. The company has made significant strides in obtaining FAA certification and prioritizes quiet, efficient aircraft for urban use. High utilization and a $500 million production facility in Dayton, Ohio demonstrate Joby’s commitment to eVTOL progress.

Partnering with Delta (NYSE:DAL) and Uber (NYSE:UBER), Joby is poised for success. The company delivered its first eVTOL aircraft to the U.S. Air Force, with more to come in 2024.

Eve Holding (EVEX)

Eve Holding (NYSE:EVEX) competes with Joby Aviation and Archer Aviation, and despite lagging in terms of development, remains an intriguing option in its own right. The pre-operational company has focused on eVTOL and Urban Air Mobility (UAM) development, including aircraft, air traffic management and services. Joby leads, with Archer in close pursuit, and Eve trailing both. That said, for investors looking at yet another company with a clear focus on eVTOL aircraft and the Urban Air Mobility (UAM) ecosystem, Eve is an option to consider.

Eve didn’t generate revenue in its 2023 Q2 earnings, as it’s still in the early stages of aircraft development. However, Eve Holding’s losses shrunk from $107.2 million in Q2 2022 to $31.4 million in Q2 2023, providing investors concerned about fundamentals with something to like about the company’s focus on cost control.

Eve Holding, backed by Embraer, aims for swift eVTOL production. The company plans to unveil a flying car prototype in 2023 and scale up production by 2026. Impressively, Eve has already secured 3,000 eVTOL orders. Additionally, a significant partnership was established in June with United Airlines (NASDAQ:UAL), which ordered 200 air taxis for use in San Francisco. United cited Eve’s collaboration with Embraer as a key factor in their decision and is one of the key reasons investors look at this stock, in its early stages of development.

On the date of publication, Chris MacDonald did not have (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.