EVTL - Why Joby Archer and Other Flying Car Stocks Are Soaring Today
2023-11-02 13:35:59 ET
Joby Aviation (NYSE: JOBY) is out with better-than-expected quarterly results and progress bringing its revolutionary new airplane to market, and rival Lilium (NASDAQ: LILM) has its own update on the steps it is taking. The excitement is drawing investors into the entire sector.
Shares of Joby traded as high as 24% on Thursday morning, and were up 20% as of 1 p.m. ET. Shares of Lilium topped out at 22% higher and Archer Aviation (NYSE: ACHR) was up as much as 10.4% -- they were up 7.5% and 8.9%, respectively, in early afternoon trading. Another rival, Vertical Aerospace (NYSE: EVTL) , traded as high as up 12.4% before settling back to up 4.6%.
These companies are part of a generation of so-called " flying car " stocks racing to develop small electric aircraft capable of vertical takeoffs and landings, or eVTOLs. Advocates see eVTOLs as a way for passengers to fly over city traffic jams and believe they will one day connect major airports to nearby suburbs.
For further details see:
Why Joby, Archer, and Other "Flying Car" Stocks Are Soaring Today