The project is a 333km / h speedway in the UK

VRCO's NeoXCraft model is expected to be launched in 2020.

VRCO , based in Nottingham, UK, announced plans to produce NeoXCraft vehicles that can travel on land and in the air, according to Sun. The company hopes to bring the new car into commercial production in 2020.

NeoXCraft is designed for two people, with a payload of 180kg, can reach speeds up to 333km / h in the air and fly about an hour at an altitude of 305 - 914m. Electric vehicles are available and fitted inside.

The project received nearly $ 666,000 from donors and through community fundraising, including the European Regional Development Fund. VRCO expects to receive $ 13.3 million in grants from private investors soon. This money will help VRCO to make test prototypes early next year and get certification from the Department of Civil Aviation UK.

"The new car can take off from the road, in the garden, or anywhere safe, then you can land and run on the road, get off and go to work, the car will come to itself. This will help to prevent congestion, and it's a carbon neutral vehicle , " said Daniel Hayes, CEO of VRCO.

VRCO will need a 46,450m ² factory when it commences commercial development of the new model, which is expected to produce about 100 units in the initial stage. The company is looking for suitable locations in Central England. Some other countries, such as the United States, China and Germany, are also developing new models.