That continually elusive vision of the future of flying cars has just taken one step closer to becoming a reality thanks to Slovakian firm AeroMobil. Although not quite the hovercar you may have imagined, this latest slick-looking model 3.0 incorporates fold-away wings into its body, with the front wheels mounted under the two-seater cockpit and the rear wheels on the end of either tail wing. Having debuted at the Pioneers Festival in Vienna, the hybrid vehicle features a powerful Rotax 912 engine and an advanced composite body, and has a top speed of over 100 mph as a car and 124 mph as a plane. Additionally, it boasts a range of 540 miles with 8-liter fuel consumption for every 100 km as a car, and a range of 430 miles consuming 15 liters of fuel per hour as a plane. While the AeroMobil flying car will not be commercially available for quite a while and looks like it still has some issues to be solved, in the meanwhile you can enjoy the flight test video above and follow its developmental progress here.