Referred to as a Multi Mode Vehicle (MMV), the Switchblade is their first design. The wings swing under the vehicle in to a protected shell for use on the road. It seats two in tandem and has a top speed of 95mph on the ground and 140mph in the air. Although a flying prototype does not exist yet, Samson plans to have ground only versions of their designs ready for early 2010.

Check it out at http://www.samsonmotorworks.com/

Thanks to Larry for pointing this out.

Terrafugia has flown their “roadable” aircraft on March 5th, 2009. Not really a flying car, it is not design to replace the car, but rather to expand the uses of an airplane. The Transition is expected to cost about $190,000 and be available in 2011.. $10,000 fully refundable deposits are being accepted now and a line is forming..

The wings are folded and unfolded electricly and the plane must be on the ground with the engine off to operate the folding motors. The plane is powered by an automotive engine that runs on premium gasoline and features dual controls to allow standard controls for driving and standard controls for flying.

Check out their website at http://www.terrafugia.com/