The flying car has now been approved by U.S. air authorities.

The Massachusetts based Terrafugia "Transition" is a light aircraft that can convert into a road-ready car and is now scheduled to go into production after being given a special weight exemption by the FAA to allow for certain safety features to be installed.

The two-seat craft, which is powered by a propeller while in flight, can transform from plane to car in less than 30 seconds, according to the company.

It has gas pedals and a steering column similar to a consumer automobile.

The Transition has a cruising speed of 115 mph, and can travel 450 miles before it needs a refill of unleaded gasoline, according to Terrafugia.

Classified as a Light Sport Aircraft, the Transition requires a Sport Pilot certificate to fly and is designed to drive on public roadways and park in a standard garage.

The Woburn design firm, which was founded by five MIT graduates who are pilots, is hoping to have the Transition available for road use by 2011.

Previous flying cars have dated back to 1917, but this is the first one to receive an FAA exemption, which will allow it to be produced for the public.