XPeng, a Chinese electric vehicle manufacturer, has unveiled its plans for a flying car that the company aims to release by 2024.

Announced at the manufacturer’s 1024 Tech Day event, the car would also be capable of driving on the road. HT Aero, XPeng’s urban air mobility (UAM) affiliate company, is developing the car.

A number of manufacturers are racing against one another to bring the first flying car to the masses. Hyundai, who has a deal in place with Uber to create a flying rideshare vehicle. Flying car technologies are expected to take-off in the vehicle market by the end of the decade. With HT Aero receiving US$500 million with its last funding round, it seems as if the flying car reality may come sooner than anticipated.

The car features a foldable dual rotor mechanism that allows it to get off the ground. The project is an ambitious endeavour, considering most UAM concepts are only able to fly and not possess the versatility to also move on land.

In order to be able to operate on land in the air, concept designs show the vehicle will comprise both a steering wheel and single flying lever. The vehicle is an evolution of the Traveler X2, a two-seater flying vehicle developed by the companies.

The cars are said to cost approximately $200,000AUD when they hit the market. To ensure the cars can safely take off and land, they are fitted with an environmental perception system that analyses the immediate surroundings and conditions. A perception and flight control algorithm will assist the pilot with ensuring the car does not encounter any obstacles during flight.

For more information on the concept vehicle, click here.