Terrafugia, a company based in Woburn, Massachusetts, announced plans to release a car-plane hybrid. The vehicle, which will be called the Transition, may be released as early as the end of next year. Terrafugia recently hurdled a major obstacle when the Federal Aviation Administration (FAA) granted a special weight limit exemption to the vehicle.

"It's the next 'wow' vehicle. Anybody can buy a Ferrari, but as we say, Ferraris don't fly," said Richard Gersh, Terrafugia vice president, in an interview with the Associated Press,

The car-plane has wings that unfold for flying. The company says that the process only takes one minute. When driving, the wings can be folded back up. The vehicle still requires a runway to takeoff and land.

The company's marketing thrust pushes the Transition as a plane that drives rather than a car that flies. The company has worked with both the FAA and the National Highway Traffic Safety Administration to meet safety regulations.

The Transition is designed to fly under 10,000 feet. The vehicle has a maximum takeoff weight of 1,430 pounds, which includes fuel and passengers. On the road, the vehicle has a gas mileage of about 30 mpg.

The car-plane goes for $194,000. There may also be additional charges for a radio, a transponder or GPS. Buyers also have the option of a full-plane parachute.