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.

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Source Fool.com