Terrafugia is working on a flying car, the TF-X. The carbon-fiber vehicle takes off vertically using an electric-powered rotor blade mounted on each side. Then, once it is in the air, the rotor blades rotate forward and fold in and a rear-mounted gas engine takes over. It can land with its fully-automated navigation system, and has a backup full-vehicle parachute system in case of emergency. Looks like a promising development, even though it’ll be a few years before one is ready for consumers.
Watch this intro video to the TF-X flying car from Terrafugia.