The firm claims the two-person vehicle has a top road speed of about 100 miles per hour (mph) while it can reach 112 mph in the air. With a maximum altitude of 11,000 feet, the air range is estimated to top out at around 350 miles.
Transforming from road to air isn't quite as simple as pushing a button, requiring manual intervention, but Pal-V claims this can be done in less than 10 minutes.
The first limited edition model will retail at an expected 499,000 euros ($621,500) with only 90 available for sale. Thereafter a "Liberty Sport Edition" will be available for an expected price of 299,000 euros.
Flying lessons are included in the price and the company's website is taking orders tied to hefty non-refundable reservation fees.
The flying car is certified to fly under the rules of U.S. and European safety agencies but owners will need a pilot's licence. Pilots will also need access to a small airstrip to take off and land.