This year has seen a remarkable surge in electric vertical takeoff and landing (eVTOL) stocks, driven by a promise of commercialization in the not-too-distant future. Projections suggest the global flying car market could reach $17.84 billion by 2030, expanding to $1 trillion by 2040 and a staggering $9 trillion by 2050. This signals significant potential for value creation in the flying car market in the coming years.

Once airborne, flying cars could tap into a $3.8 billion market by 2035. While the current high prices of the vehicles may deter immediate adoption, the recent correction in flying car stocks presents an opportune time for accumulation. 

However, investors should approach the flying car market with caution due to high risks and uncertainties. While some anticipate a revolution, others argue the technology is not yet ready for commercialization.

With that in mind, these two stocks appear to be the best speculative bets of the bunch, and there’s one pick that’s worth avoiding right now listed as well. 

Joby Aviation (JOBY)

Joby Aviation (NYSE:JOBY) presents a compelling long-term investment opportunity in the burgeoning eVTOL aircraft sector. The choice of Dayton, Ohio, and collaboration with Toyota (NYSE:TM) highlight its strategic approach. The initial production capacity of 500 eVTOLs annually is set to expand rapidly, aligning with the company’s growth strategy.

Joby, an air taxi developer, reached a milestone in its Federal Aviation Administration (FAA) certification process, with 84% completion of Stage Three. CEO JoeBen Bevirt feels optimistic, emphasizing progress in essential systems. This achievement positions Joby well for subsequent phases toward certification, reflecting a significant step in its path to launching passenger service in 2025. The company also highlighted key accomplishments, including delivering a test Advanced Air Mobility (AAM) aircraft to the U.S. Air Force and conducting successful piloted test flights of an electric air taxi.

All of these achievements in a short period of time make JOBY one of today’s promising flying car stocks to buy.

Archer Aviation (ACHR)

Archer Aviation (NYSE:ACHR) recently made headlines as it revealed plans to introduce an air taxi service in India. In a memorandum of understanding with InterGlobe Enterprises, Archer Aviation will supply 200 of its Midnight aircraft, aiming for swift back-to-back flights with minimal charging. Successful implementation could slash travel time between Connaught Place and Gurugram from 60 minutes by car to just 7 minutes.

The company’s Q3 earnings, disclosed on Nov. 9, led to a slight stock decline. Despite net losses and significant expenses, investors favored Archer’s 2025 commercial flight launch ambitions. The company highlighted key milestones, including progress with its Midnight aircraft and plans for air taxi services in the United Arab Emirates (UAE) and India, emphasizing FAA testing readiness for commercial viability.

The future possibilities for Archer Aviation make it another one of the flying car stocks to buy right now.

EHang (EH)

EHang (NASDAQ:EH) Assault Amphibious Vehicles (AAVs), though innovative, struggled to find the right product-market fit for significant scale. China’s economic challenges from the Covid-19 pandemic and property debt crisis pose hurdles for EHang’s future growth, so investors are advised to proceed cautiously.

On Nov. 7, Hindenburg Research released an 8,000-word report on EHang, casting doubts on its credibility. The report questioned the legitimacy of over 92% of EHang’s preorders, raising concerns about fake revenue and the company’s overall trustworthiness.

Investors face a challenging choice with EHang. While the company holds regulatory advancements and lower stock prices, it is now part of a trend where transportation startups allegedly mislead investors, raising concerns about the company’s credibility and the commonality of failures in such ventures. Investors holding EH stock may consider this one of their flying car stocks to sell.

EHang is set to release its Q3 earnings on Nov. 22. Analysts anticipate a revenue of $2 million, reflecting a 44.97% year-over-year (YOY) growth, with a projected GAAP earnings-per-share (EPS) loss of 15 cents. For the full year 2023, revenue is estimated at $16 million, indicating a 161% year-over-year growth, accompanied by a GAAP EPS loss of 62 cents.

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