ACHR - Why Flying Car Stocks Were Grounded This Week
Aerospace start-up Lilium (NASDAQ: LILM) provided a financial update this week, and it served as a reminder to investors about how much risk remains in the race to launch a small, battery-powered plane that some have likened to a flying car. The news caused investors to back away from a number of companies pursuing a similar goal.
Shares of Lilium, Archer Aviation (NYSE: ACHR) , and Joby Aviation (NYSE: JOBY) were all down about 15% for the week as of late Thursday, according to data provided by S&P Global Market Intelligence .
They might not quite live up to the expectations of The Jetsons , but a form of a flying car is edging toward becoming a reality. Lilium, Archer, and Joby are all developing electric vertical take-off and landing (eVTOL) aircraft designed to take off from anywhere and transport as many as a dozen passengers over short distances.
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Why "Flying Car" Stocks Were Grounded This Week