The two-seater Transition can use its front-wheel drive on roads at ordinary highway speeds, with wings folded, at a respectable 30 miles per gallon. Once it has arrived at a suitable take-off spot - an airport, or adequately sized piece of flat private land - it can fold down the wings, engage its rear-facing propellor, and take off. The folding wings are electrically powered.
Its cruising speed in the air is 115mph, it has a range of 460 miles, and it can carry 450lb. It requires a 1,700-foot (one-third of a mile) runway to take off and can fit in a standard garage. Terrafugia
says that one of the major advantages of the Transition over ordinary light aircraft is safety - in the event of inclement weather, it can simply drive home instead of either being grounded or flying in unsafe conditions.
The company says that 70 people have ordered the car, leaving a $10,000 (£6,650) deposit each. The car is expected to retail at $194,000 (£129,000). Deposits are held in escrow, meaning that should the company go bankrupt before delivery, the money will be refunded.