What some are calling the world's first flying car could take to the skies and the road next month.

If it makes a successful test flight/drive, the Terrafugia Transition could be in show rooms in a little more than a year. The vehicle can go from a two-seater car to a plane in 15 seconds. Its wings fold when in car mode

Massachusetts-based Terrafugia said the vehicle can fly up to 500 miles on a single tank of unleaded gasoline at a cruising speed of 115 miles per hour. In its car mode, the Terrafugia can go up to 90 mph. The same 100-bhp engine powers the car in the air and on the ground.

Terrafugia said it has received about 40 orders for the vehicle already. It is expected to sell for about $195,000.

Carl Dietrich, the company's CEO, told Fox News that the target audience are general aviation pilots. He said it should be viewed as a "roadable airplane," not a flying car.