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Terrafugia has completed flight testing of the Transition POC (Proof of Concept). Introducing the Transition®. Simply land at the airport, fold your wings up and drive home.

Fly a distance of 725 kilometers at speeds of 115 km/hour;
requires a special license to drive and fly.

The time required for the transition from plane to car takes less than 30 seconds.
Vehicle speed 185 km/hour, range is 724 km on highways
Vehicle is fueled with gasoline, and the price of the car is expected to be around $200,000.
The first shipment will be in 2011