Based on industry-wide growth forecasts it’s very easy to see why investors are so interested in the top-rated flying car stocks heading into early 2024.
The market is dominated by what are known as electric vertical takeoff and landing vehicles (eVTOLs). Multiple firms have risen to prominence through their development of the vehicles. Those vehicles have applications spanning industries including tourism, airlines, and defense among others.
Let’s take a look at three of those firms which also benefit from strong analyst sentiment on Wall Street.
Eve Holding (EVEX)
Eve Holding (NYSE:EVEX) bears a fundamental difference from other more prominent names in the flying car stock space. Unlike those firms, Eve Holding is backed by a major airline rather than simply being aligned therewith.
Eve holding is backed by Embraer, the prominent airplane manufacturer. Meanwhile, other firms in the space are being developed independently while also collaborating with Airlines for future business.
The company remains in the pre-revenue stages and is not expected to produce any revenues during developmental stages. Its losses decreased from $36.7 million to $31.2 million on a sequential basis during the third quarter.
Eve Holding benefits from strong support on Wall Street with four of six analysts with coverage rating it a “Buy” and the other two a “Hold.”
Archer Aviation (ACHR)
The company did very well in 2023 as it’s shares essentially doubled in price to where they currently stand, at $5 approximately. A big part of the reason Wall Street is so optimistic about Archer Aviation relates to its strategic path.
The company has forged partnerships across the private and public sector that promise to result in strong future growth. On the commercial side, Archer Aviation is aligned with United Airlines and Stellantis (NYSE:STLA) among others.
Stellantis will act as Archer Aviation’s dedicated contract manufacturer and will produce up to 600 of its Midnight vehicles in the Atlanta manufacturing plant.
Meanwhile, on the public side, Archer Aviation benefits from its relationship with the U.S. Air Force. In October, it began delivery as part of a contract valued at up to $142 million with the military
EHang Holdings (EH)
EHang Holdings (NASDAQ:EH) is a Chinese firm that has developed unmanned eVTOLs and has the highest price of the three stocks discussed here.
Is arguably all also the most interesting of the three for the simple fact that it is revenue producing. during the third quarter of the company reported the United States dollar equivalent of $3.9 million in sales. That resulted in a net loss of $9.2 million but the positive here is that revenues increased by a staggering 247.9%.
Its unmanned vehicles are also certified for commercial operations Involving passengers in China. The company received that certification from the Civil Aviation Administration of China (CAAC) in October after testing and successfully meeting safety compliance standards.
EHang Holdings not only benefits from substantial support from local municipal Chinese governments but is also developing operations in Spain. Beyond that, EHang Holdings also secured $23 million in equity investment during the period as well. If you are looking for the top-rated flying car stocks, start here!
On the date of publication, Alex Sirois 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.