The world’s first-ever mass-produced ‘ Fly & Drive Car ’ was unveiled in Miami Florida Tuesday night and will sell for $599,000.

The three-wheeled machine – dubbed the Pioneer Personal Air Landing Vehicle (PAL-V) – a 230hp Dutch-made two-seater car boasting 70 pre-orders, is already in active production.

However, the buyer will need both a driving and pilot licence to own and operate the vehicle.

PAL-V was displayed on Tuesday night at an event entitled “Miami 2020 and Beyond”

Different versions of the flying machine are reportedly being developed in the Czech Republic, Slovakia, Japan and China. A cheaper version is reportedly expected to be unveiled next year – the Pal-V Liberty Sport, which will be priced at about $335,000.

While other flying car manufacturers’ concepts require modified regulations and in many cases not yet existing technologies, PAL-V deliberately chose to engineer, design and build a flying car with proven technologies and fully compliant with existing regulations”, Robert Dingemanse, CEO of PAL-V stated, cited by The Daily Mail.

The innovative vehicle is made with carbon fiber, titanium and aluminum, and weighs just 1,500 pounds (600 kilograms), and requires only a 540 feet (164 meters) runway for take-off and just 100 feet (30 meters) for landing, according to Dingemanse.

Notably, the PAL-V has a similar handling system to that of a motorbike, which relies on the pilot-driver tilting the machine with an installed control stick both on the ground and in the air.

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