Massachusetts-based Terrafugia says it will begin taking pre-orders in October 2018 and deliver its first two-seat car-plane models in 2019. Price has yet to be determined (although a 2010 estimate was $194,000).

In the air, the Transition, as the vehicle is named, can reach speeds of 100 mph and fly up to 400 miles at a top altitude of 10,000 feet before refueling. The electric-hybrid machine has fold-out wings and permanent landing gear that double as the car's wheels. Switching from one mode of transport to the other takes about a minute, the company said.

The Federal Aviation Administrations granted the Terrafugia product Light Sport Aircraft status in 2016; since then, the company has been working on improvements to the prototype. Primary among those improvements are a set of rear-view cameras and a parachute system. Among the other improvements are upgrades to the seats, seat belts, airbags, and luggage storage.

The company also secured certification from the National Highway and Traffic Safety Administration. All operators will need a pilot's license, though.

Already in the pipeline is a four-person model, the TF-X, that is to feature computer components to allow operators to type in a destination before embarking on a trip. The new model is expected to feature a top aerial speed of 200 mph and a top aerial range of 500 miles.

Terrafugia the company was founded by graduates of teh Massachusetts Institute of Technology in 2006. Geely, a Chinese manufacturer that also owns Volvo, in 2017 acquired Terrafugia, which now employes more than 200 people around the world.

Terrafugia will be the first to market with a flying car, but the competition is steaming ahead as well. Also well down the track are the jet-ski-like Kitty Hawk, financed by Google co-founder Larry Page, and Slovakia's AeroMobil. Others pursuing similar vehicles include Airbus, Aston Martin, Rolls Royce, and Uber. In addition, Toyota has entered the fray with plans to unveil a flying car in time for the 2020 Olympics.