Like something out of The Jetsons, flying cars will soon take to the skies. And, along the way, it could take some of the top flying car stocks to buy to higher highs.
“Legislative bodies across the U.S. are working to ensure that roadable aircraft [or flying car] can be easily registered and licensed in all 50 states. The bill dubbed, the ‘Jetson Bill’ included wording to allow roadable aircraft a simpler method of state registration to allow their use on state roads and highways,” as noted in a Samson Sky press release.
Furthermore, two U.S. companies and two European companies are expected to start production on flying cars by next year. Plus, when the industry does take flight, analysts at Allied Market Research say the market could be worth $215.54 billion by 2025. By 2035, they anticipate the industry could be worth north of $3.8 billion.
Therefore, investors may want to jump on these flying car stocks to buy before they take flight.
Joby Aviation (JOBY)
The last time I mentioned Joby Aviation (NYSE:JOBY), I said, “After a recent pullback from about $7.50 to $5.50, Joby Aviation bottomed out, and could soon take flight again. In fact, from its current price of $5.96, I’d like to see it retest $7.50 as momentum builds for flying car stocks.”
That was on Jan. 24. Today, JOBY is up to $6.52, and it’s still one of the top flying car stocks to buy today. All after announcing a deal with Dubai, which gives the company exclusive rights to fly its taxis there for six years. Initial operations are set for 2025.
The company still has to certify its electric vertical takeoff and landing (eVTOL) aircraft for commercial operations, according to Barron’s.
Archer Aviation (ACHR)
Archer Aviation (NYSE:ACHR) just took off from a low of $4.62 to a recent high of $5.59. From here, I’d like to see it refill its gap around $6.25 initially. Moreover, Cathie Wood’s ARK Invest recently bought another 344,000 shares last week.
Also, ACHR just signed an agreement with Atlantic Aviation, which is focused on electric aircraft operations in Los Angeles, New York City, Northern California, and South Florida. In addition, the company’s Midnight aircraft just completed Phase 1 of its flight test program allowing it to move on to the next phase of testing, as noted by Seeking Alpha.
“Midnight is progressing efficiently through our flight test program. Over the last four years, [Archer] has been able to gather a tremendous amount of data and learnings that enable us to advance [the aircraft] rapidly towards certification,” CEO Adam Goldstein said.
First Trust Nasdaq Transportation ETF (FTXR)
Some investors prefer First Trust Nasdaq Transportation ETF (NASDAQ:FTXR), which I mentioned on Nov. 6. It traded at $26.30.
As I said at the time, “While its chart is another train wreck, don’t write this one off either. After dropping from about $28.50 to a low of $24.76, the ETF is now back up to $26.30. With patience, and advancements in transportation, I’d like to see it challenge $28.50 again shortly. Longer term, I’d like to see it again challenge its July high of about $31 a share.”
Today, it’s up to $30.65, and could fly even higher on industry excitement. With an expense ratio of 0.60%, the ETF was designed to track U.S. transportation stocks.
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.
