Russian tech company Hoversurf recently launched the Hoverbike, which is the first of its kind and used by police in Dubai, and now the company is planning to release a five-seater flying vehicle known as the ‘Formula’. It is capable of vertical take-off and landing (VTOL) and features fold-away wings, 52 tiny turbine Venturi propulsion units and 48 small electric thrusters.

The company envisions it being used as air taxi in the future and even possibly replacing cars, having the freedom to avoid traffic jams and traffic lights. The lightly built Formula can easily fit into a standard car parking space, especially as its wings are dynamic and don’t take up much space. Hoversurf says the Formula will be user friendly and no special skills are required for handling the flying car. The Formula will be priced around US$ 97,000 and the company aims to test the prototype in 2018.