Massachusetts - Like something out of a Bond movie, The Transition by Terrafugia is just about ready for initial test flights. The car that flies (or plane that drives) can transform itself from one mode to another in 15 seconds.
The vehicle will fly up to 500 miles on a single tank of fuel (regular gasoline), and will cruise at up to 115 mph in the air. On the ground, it has only been tested at speeds up to 90 mph.
Terrafugia has already received 40 advanced orders. The Transition sells for a modest $200,000.