I feel that now could be a great time for investors to consider the future of transportation. This is because flying car stocks are making steady progress to commercially produce electric vertical take-off and landing crafts (eVTOLs), and this market is rising quickly.

There is a steady rise in the acquisition of certifications and the creation of prototypes for flying cars. These certifications are important, especially for increasing the production rate and linking these vehicles to current transport systems. 

Furthermore, many regulatory authorities, such as the FAA have also started providing backing to flying car stocks. They include recent permits for test flights and certifications that reveal a supportive policy framework necessary for the commercial use of these aircraft. Also, the right investments and collaborations with public authorities are other factors that extend the possibilities of the sector’s development and adoption.

Flying car stocks could then be great investments for those with a high-risk tolerance. Here are three companies in great shape and are leading the industry forward.

Joby Aviation (JOBY)

The S4 eVTOL created by Joby Aviation (NYSE:JOBY) can transport up to five people at a speed of 200 miles per hour to offer fast and environmentally friendly air transport within cities and their surroundings. 

Joby is one of the first eVTOL companies that has achieved the third stage of FAA certification. For this reason, the company is well on its way to being the first to offer commercial air taxi services in the near future — possibly by 2025. 

Similarly, the recent deal by Joby to acquire H2Fly, a hydrogen-electric aviation company, is a clear indication of Joby’s willingness to invest in new technologies with the potential of enhancing the range, efficiency and environmentally friendly nature of the propulsion systems of its eVTOL products. The use of hydrogen by flying car stocks remains highly experimental. If JOBY makes a breakthrough with this technology, that could considerably increase its overall attractiveness for both users and investors.

Archer Aviation (ACHR)

I am quite optimistic when it comes to Archer Aviation (NYSE:ACHR) and its eVTOL aircraft, as the company is gearing up to revolutionize the flying car industry. Archer created its Midnight eVTOL with a 12-rotor system that claims to be safer than most competitors. That is important because even though the company is relatively new, it is already working on achieving FAA certification and expects to be among the first eVTOL manufacturers to provide commercial air taxi services starting in 2025. 

Also, Archer partnered with United Airlines (NASDAQ:UAL) and Southwest Airlines (NYSE:LUV) to build eVTOL networks in cities. That demonstrates Archer’s ability to integrate into the existing transport network system. 

Along with JOBY, ACHR is usually an investor favorite among those who closely follow the industry. Analysts also seem to be positive about the stock’s prospects, as it currently has a rating of Buy and an implied upside of over 70% at the time of writing.

Lilium N.V. (LILM)

Lilium N.V. (NASDAQ:LILM) is somewhat of a dark horse amongst investors interested in flying car stocks. Still, I don’t think that’s a reason to discount its future prospects.

However, contrarian companies such as LILM can often trade at lower valuations compared with their peers. That is why I prefer Lilium stock, along with the jet-powered eVTOL architecture it uses on its flying cars. LILM’s vehicles have a distributed electric propulsion system with 36 small ducted fans. That helps the aircraft fly horizontally for long distances.

Also, the aircraft design of Lilium is flexible and can be adapted as a four-seater premium aircraft, or a six-seater aircraft, which broadens the company’s potential market share. 

The company has done rather well in developing and testing its Lilium Jet prototype, with plans to conduct the first manned flight in early 2025. Also, it has secured orders from customers. The company entered into a deal with Saudi Arabia’s national airline for as many as 100 Lilium Jets. Altogether, that makes LILM one of those flying car stocks to buy.

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

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.