The Transition : Flying Car by Terrafugia

Have you heard about the NEWS regarding flying car that has been conceptualized long before 2006 by a group of MIT graduates in US.  A team called Terrafugia developed a what so called Flying Car.

Taking advantage of new FAA regulations in the Light Sport Aircraft category, Terrafugia developed the Transition® to provide pilots the convenience of a dual-purpose vehicle. Its unique design allows the Transition® to fold its wings and drive on any surface road with a modern personal airplane platform. Once at the airport, the wings extend and the aircraft is ready for take-off. Both folding and extending the wings is done from inside the cockpit.

They called the flying car as " The Transition "  and here is the specifications :

Performance
Cruise: 100 kts (115 mph)
Rotate: 70 kts (80 mph)
Stall: 45 kts (51 mph)
Range: 400nm (460 mi)
Takeoff over 50′ obstacle: 1700′
Fuel burn: 5 gph
Fuel tank: 20 gallons
Useful Load: 430 lbs
On road: 30 mpg, highway speeds
Light Sport Aircraft (LSA)

Convenience
Front wheel drive on the ground
Automotive-style entry and exit
Two place, side by side
Automated electromechanical folding wing
No trailer or hangar needed
Cargo area holds skis, fishing poles or golf clubs

Safety
Drive in case of inclement weather
Proven 100 hp Rotax 912S engine
Full vehicle parachute available
Modern glass avionics
Automotive crash safety features
Dimensions
Folded:
6’ 9” tall
80” wide
18’ 9” long

Airplane:
6’ 3” tall
19’ 2” long
Wingspan:
27’ 6” Cockpit:
51” at the shoulder

You can see more details at their website