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Blake, Wm. The Ascension. 1780.

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The technology for the world’s first certified flying car has been sold by a European company to a Chinese firm. The vehicle, known as AirCar, can transform from a road automobile to a plane in under three minutes.

The AirCar can travel 8,000 feet in altitude and 100 miles per hour in speed. It’s already certified to fly in Slovakia, where it was first manufactured, but the Chinese company will “accelerate progress towards mass-market flying car manufacturing.”

The news comes as the UK government anticipates flying taxis will be operational by 2028. Market forecasts suggest the global value of flying cars could reach $1 trillion by 2040, with China expected to command a 23% share by 2050. Experts believe flying cars will soon be more affordable than helicopters.