A firm manufacturing aircraft that takes off and lands vertically, is building a car that can fly.

Moller International's flying car called Autovolantor will be a Ferrari 599 GTB outfitted with retractable wings, eight fan thrusters and a booster.

The car can fly 2,500 feet high, has a speed of up to 150 mph on air and 100 mph on the ground, and has a range of 75 miles airborne and 150 miles on land.

The fans will push the car up while vents make it fly forward and backward.

Moller general manager and chief designer Bruce Calkins said the Autovolantor will be powered by fuel and electricity and the prototype under construction will cost $3 million.

Moller plans to introduce the car to the market in two years' time.