Terrafugia’s flying car, also known as the Transition Roadable Aircraft, has moved one step closer to production “with a recent weight exemption approved by the Federal Aviation Administration.” At 1430-pounds, it’s “designed for trips of up to about 450 miles and can travel about 100 miles per hour in the air and “highway speeds” on the ground of ’65, 70, [miles per hour] — something like that,’ Dietrich said.” Video after the break.

The price is more in line with aircraft as well; Terrafugia anticipates the Transition will cost $194,000. The first delivery will occur in about 18 months, Dietrich said.

[via CNN]