Coming soon: A flying car

Called the 8216;Transition8217;,the car-plane recently cleared a major hurdle when regulator Federal Aviation Administration granted a special weight limit exemption to it,the company said.

It costs USD 194,000,excluding additional charges for options like a radio,GPS and a full-plane parachute.

So far,the company has more than 70 orders with deposits.

8220;It is the next 8216;wow8217; vehicle. Anybody can buy a Ferrari,but as we say,Ferraris don8217;t fly,8221; Terrafugia vice president Richard Gersh said.

The car has wings that unfold for flying and fold back again for driving. It can take off in about a minute but would need a runway to takeoff and land.

It is designed to fly primarily under 10,000 feet and has a maximum takeoff weight of 1,430 pounds,including fuel and passengers.

Gas mileage on the road is about 30 miles per gallon 12 km/litre.

8220;There is no launch button on the instrument panel,8221; Gersh added.

The company is looking to market Transition to private pilots as a convenient and cheap way to fly. It can be driven on roads and be parked conveniently in a garage at home.

Terrafugia,founded in 2006 by five Massachusetts Institute of Technology students,said the car-plane reduces the chances of an accident by allowing pilots to drive under bad weather.