Developers of Terrafugia Transition, dubbed The Flying Car, have claimed that the vehicle, which can drive, fly, and automatically transform between the two in 60 seconds, could be on the road and in the skies as early as 2011.

The two-seater vehicle completed its first flight last March and recently completed 27 additional flights, wrapping up the first of a four stage process to bring the Transition into production.

"It's been very successful. We've got a very good handling vehicle and our test pilot said that the flights were just remarkably unremarkable -- it just flies like a really nice, little airplane," Carl Dietrich, co-founder and CEO of Terrafugia, told CTV in an interview.

And, according to its developers, the vehicle targets pilots who currently face a number of obstacles that prevent them from flying on a more regular basis.

"Weather sensitivity is a huge one. This vehicle allows a pilot to at any time, if the weather changes, to divert to the nearest airport, fold up their wings and drive safely under the weather," Dietrich said.

However, Dietrich said a second barrier is the expense of owning an aircraft. "With the wings folded up, the vehicle actually fits inside a single car garage."

He said that equates to large savings for pilots because they don't have to spend money storing the vehicle in a hangar. In the air, the Transition can cruise up to 725 kilometres at more than 185 km per hour.

It has front wheel drive on the road and a propeller for flight. Both modes are powered by unleaded gasoline. The vehicle is expected to cost around Canadian $200,000.