And hopefully you bought into this stock before Friday…
Because that’s when this passenger drone stock took off, if you will forgive the pun. Shares soared more than 25% during Friday morning’s session after this Chinese company held its first test flight demo in South Korea.
The goal with air taxi passenger drones is to provide “urban air mobility,” giving people the chance to quickly move around a crowded metro area. Roads and public means of getting around are getting more and more congested. And those modes are becoming more and more expensive to expand.
This company has been holding demo flights with these electric drones. There are videos on YouTube and you can watch as people step in, close the hatch and power up the flight controls. The guidance system then takes care of the rest — no pilot needed.
This model carries two people and up to 485 pounds of total weight, flying at a top speed of 80 miles per hour a max range of 22 miles. The cockpit capsule is 6 feet long and the drone has a wingspan of 18 feet.
The company has run more than 2,000 test flights in a range of weather conditions. It even held a test here in the U.S. in North Carolina with the state’s governor in attendance.
The company hopes to have fleets of these passenger drones in coming years. Its aim is to create a market for passenger drone tourism, which could make this passenger drone stock a hot commodity.
Imagine hopping in for a ride at your hotel at a major resort or tourism area, much as you might have done before the pandemic in a helicopter — at much greater cost. The company also develops autonomous drones for other uses (think Amazon deliveries and such).
And it’s already reporting sales, including revenue of $21 million in the first half of 2020. That number is on track to hit $60 million by the end of the year.
Check out my short video and let me know what you think about my top passenger drone stock in the comments below.
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