A group of MIT students says that their Terrafugia Transition flying car vehicle might hit the skys by the end of 2008. Video after the break.

This summer, they demonstrated the aircraft’s automated folding wing, one of the biggest challenges to the design, and it worked perfectly, opening and closing over 500 times without incident. Says Terrafugia chief operating officer Anna Dietrich, “We’re building the rest of the first vehicle now. Our schedule calls for us to start flight testing by the end of 2008, and so far we’re on track for that.”

[via Gizmodo]