Flying cars set to soar into the marketplace in 2011

A Massachusetts company hopes to start delivering its flying car to customers by late 2011.

Terrafugia Inc., founded about five years ago by MIT graduates, got a key go-ahead last month when the Federal Aviation Administration (FAA) granted a special weight limit exemption to the company for the flying car, or roadable aircraft , called the Transition.

With that FAA clearance under the its belt, the company said it is on track to deliver the first Transition crafts to customers late next year.

The Transition vehicle, which is designed with foldable wings , successfully completed its first flight on March 5, 2009, after six months of road testing.

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