The Terrafugia works as a conventional car, with a perfectly respectable fuel consumption of 35mpg and a top speed of 65mph.
Once its wings are unfolded – with a span of 28 feet and six inches – it can fly at 115mph and consumes five gallons of fuel an hour.
According to Terrafugia, there is interest from British consumers who face a price tag of around £150,000.
The two-seater Terrafugia Transition will require approval from the European Aviation Safety Agency before it can be used in Britain.
Anyone using it will need both a driving and pilots licence, said a spokesman for the Civil Aviation Authority.
/The Telegraph/Watch video: