Believe it or not, Ferrari claims that they are able to produce a flying car that could hover or take off vertically. The flying car is called Autovolantor designed by the team at Moller International. It is based on Ferrari 599 GTB model (USD319,653).
To take off vertically or hover, it makes use of eight thrusters which direct the air for takeoff. Autovolantor is expected to attain a speed of 100 mph on the ground and 150mph in the air. It can run 75 miles in the air and 150 miles on the ground.
Autovolantor uses a special designed hybrid fuel and electric system to power the thrusters (up to 800 brake horsepower) and it would be able to cruise at altitudes of up to 5,000 ft. The first prototype should be ready in 2009 at the selling price of $800,086.