The flying car industry is ready to transform personal and urban mobility. This forms the backdrop of my list of flying car stocks to buy, that I think could make your summer unforgettable.

The technological advancements in electric vertical takeoff and landing aircraft (eVTOL) are opening new opportunities for efficient and convenient transportation. The industry strives to offer environmentally-friendly alternatives to conventional ground-based transportation. I think that we’ve only started to see the potential for these flying car stocks discussed in this article. 

The reason for investors to be excited about these flying car stocks in summer is that many of these firms are making rapid progress along their roadmaps. Some companies have pending final approvals from the Federal Aviation Authority (FAA), which is a step closer to being given the final green light before they enter our skies en masse.

Buying these flying car stocks now before they reach these critical junctures could then provide one with a reasonable chance of expanding one’s total returns. So here are three companies that investors should consider.

Joby Aviation (JOBY)

I think that now is a great time for investors to consider buying shares of Joby Aviation (NYSE:JOBY).

JOBY recently published its second quarter of 2024 results, making substantial progress with its production and certification goals. Joby is clearly scaling up rapidly. Their certification process is advancing well, with 37% of the critical fourth stage complete. 

While the company has focused on the U.S. market it has also extended its reach to Australia and Saudi Arabia as well, which I find attractive. While East Asia has dominated the electric vehicle scene, it’s still too early to tell which region will have the most uptake for flying cars

The company is innovating in other ways too, such as completing a successful 561-mile flight of their hydrogen-electric vehicle. While the company is churning through its cash at a reasonable pace ($370 million over the last twelve months), it has approximately $825 in cash on its balance sheet, so it has plenty of runways to reach profitability.

EHang Holdings (EH)

EHang Holdings (NASDAQ:EH) has taken a beating recently to its stock price and reputation, with class lawsuits issued against it, which allege it has “inflated its pre-orders with ‘dead’ or ‘abandoned’ deals. Still, this has not deterred Wall Street analysts, as the company is forecasted to be on the verge of profitability, with analysts projecting positive earnings by 2025. 

However, EHang’s recent achievement in Saudi Arabia where its EH216-S pilotless eVTOL recently conducted its first flight is a major boost to its credibility. This shows that there is a good regulatory framework within the Saudi Kingdom for EHang’s technology. Its technology could be part of a broader pivot of Saudi Arabia’s pivot from oil as part of its Vision 2030 program, with a renewed focus on green tech and diversifying its oil-dependent economy.

Like with JOBY, I feel that EH stock also has sufficient liquidity and cash reserves in order to hit profitability. If EH stock does break even as expected, it will be one of these flying car stocks to get their earnings off the ground.

Archer Aviation (ACHR)

Archer Aviation (NYSE:ACHR) is another one of those flying car stocks for investors to consider. I also feel that ACHR might be one of the lesser-appreciated names, as it has a market cap of just 1.31 billion to JOBY’s 3.48 billion. Therefore, all else being equal, ACHR could offer potentially higher returns.

Archer has made good strides with regard to its regulatory issues, with the firm expected to start offering commercial services by the end of 2025. The $117m manufacturing facility expansion in California, which will be backed by up to $10m in state incentives, is proof of this. 

Although still in the development stage and with no definite forecast on when eVTOLs will become commercialized, Archer’s collaboration with well-known airlines and the backing of governments put them in good standing when it comes to racing to the commercialization of eVTOLs. It could be one to invest in if maximizing potential returns is one’s highest priority.

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.