Yet another flying car is entering the rapidly crowded race. This one comes from graduate students at the Massachusetts Institute of Technology. The company Terrafugia is working on the Transition Personal Air Vehicle. The Transition is an SUV which has retractable wings and is designed for 100- to 500-mile trips. It runs on premium unleaded gas and the plan is that it can be piloted with a light sport aircraft license (it cruises at up to 12,000 sq. ft.). There isn't a full prototype yet but one is expected in 2008 or earlier with the goal of being ready for flight by 2009 or 2010.

[via Plane News]