Terrafugia, an aircraft company that builds 'Flying Cars', announced today that it's first flight of the Transition Roadable Aircraft Proof of Concept was a great success! Often referred to as a flying car, the Transition is a two-seat aircraft designed to take off and land at local airports and drive on any road. Transforming from plane to car takes the pilot less than 30 seconds.
The first flight test was conducted by Phil Meteer, Colonel, USAFR (Retired) at Plattsburgh International Airport in Plattsburgh, NY.
An historic milestone for aviation, the flight comes after six months of static, road and taxi testing. The Transition cruises up to 450 mi at over 115 mph, can drive at highway speeds on the road, and fits in a standard household garage. The vehicle has front wheel drive on the road and a propeller for flight. Both modes are powered by unleaded gasoline from a regular gas station.
This breakthrough changes the world of personal mobility. Travel now becomes a hassle-free integrated land-air experience. Its what aviation enthusiasts have been striving for since 1918, says Carl Dietrich, CEO of Terrafugia.
By giving pilots a convenient ground transportation option, the Transition reduces the cost, hassle, and weather sensitivity of personal aviation. It also increases safety by incorporating automotive crash structures and allowing pilots to drive under bad weather.
Categorized as a Light Sport Aircraft, the Transition requires a Sport Pilot license to fly. The Proof of Concept will undergo additional advanced flight and drive testing and a pre-production prototype will be built and certified before first delivery. Refundable airframe reservations are being accepted.
Terrafugia (terra-FOO-gee-ah), based in Woburn, MA, is comprised of a team of award-winning engineers who have been advancing the state of personal aircraft since 2006. Founded by five pilots who are graduates of MIT and supported by a world-class network of advisors and private investors, Terrafugias mission is the innovative expansion of personal mobility. "Terrafugia" is Latin for "escape from land." 
The first customer delivery of this flying car is anticipated to be in 2011. Refundable airframe reservations are currently being accepted to hold a place in production.
More Information: Terrafugia.com