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The Terrafugia Transition 'roadable aircraft' has been granted an FAA Special Light-Sport Aircraft airworthiness certificate by the official aviation body, meaning that it meets the standards for flight, at least.
Sure, it isn't quite allowed on the road just yet, but that day might come pretty soon.
We are living in the future, folks.
The craft has a 27-foot wingspan that folds down to a size small enough for the whole thing to fit inside a single car garage, and a full air and road model of the two-seater craft is planned for release in 2022.
For now, pilots can buy an air-only model that runs on both car fuel and aircraft fuel if they want to take it for a spin ahead of time.
If you want to get one, you'll need both a sport pilot's certificate as well as a valid driver's licence.
The final hurdle for the bizarre project will be to be declared roadworthy.
The Chinese company has been pursuing this plan to create a roadable aircraft for years now, and this new certificate represents a significant step in the right direction.
General manager Kevin Colburn praised his team's efforts during what has been 'an extremely challenging pandemic year'.
He said: "Our team remained focused, improved our quality system, completed the critical aspects of the design, built the vehicle, completed 80 days of flight testing, delivered 150 technical documents and successfully passed the FAA audit."
Colburn added: "This is a major accomplishment that builds momentum in executing our mission to deliver the world's first practical flying car."
The flying car is powered by a 100 horsepower fuel-injected engine, and can fly at speeds of up to 100 miles per hour, and altitudes of 10,000 feet.
It has a range of around 400 miles, and safety features include an airframe parachute and a carbon fibre safety cage.
The idea is that you'll fly the plane, before landing it on a small stretch of road or a small airport, before simply driving it off to wherever you want to go.
However, it's not going to be cheap. In 2018, NBC News reported that the two-seater Transition would be priced at $400,000 (£287,254).
Better get saving now then.
Terrafugia was bought out by Geely, a Chinese company that owns car manufacturer Volvo, in 2017.
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