It's a Plane! It's a Car! It's ...

A new vehicle suitable for both air and road travel could be available within two years, reports MIT's Technology Review. By recently producing the world's first automated folding wing, Massachusetts company Terrafugia, Inc. came a step closer to creating the Transition, a "light sport aircraft" that works on the ground and in the air.

The company will now attempt to develop a power train that uses a single, gas-powered engine for both types of travel. Flight testing for the Transition—the size of a Cadillac Escalade, but lighter—is planned for the end of 2008. Sales of the $148,000 vehicle would begin in 2009, provided that it meets the requirements of both the FAA and the National Highway and Traffic Safety Administration. (More auto industry stories.)