The PAL-V One flying car has succesfully finished its maiden flight and its founders are now working to secure investors for the commercialization phase, with the aim of delivering production models in 2014.
The PAL-V One (Personal Air and Land Vehicle) is perhaps more accurately called a driving gyrocopter. According to the company, this flying Dutchman can reach terrestrial speeds of 112 miles per hour and its fuel economy checks in at 28 miles per gallon on the ground.
Then, once you've found a suitable place to take off, you unfold the auto-rotating main rotor, the gas-engine powered propeller extends, and you can take to the air. Max airspeed is also 112 mph, and airborn range is listed at 220-315 miles.