Monaco: A Slovakia-based company unveiled the commercial design for a flying car priced at more than $1 million on Thursday, saying it was ready for pre-orders with first deliveries expected by 2020.

AeroMobil said its teardrop-like shaped AeroMobil Flying Car, displayed at the Top Marques Monaco, could switch to flight mode in less than three minutes. The wings fold away for driving on roads and swing out for flying.

The company, one of several developing such flying vehicles, aims to make up to 500 units of its first commercially available edition, priced at $1.71 million to $2.14 million.

To fly, the car would need an airfield or another approved place to take off, while owners would require driving and pilot licences, AeroMobil chief communications officer Stefan Vadocz said.

AeroMobil said deliveries to customers of the flying car, which Vadocz said would comply with air and road regulations, was expected to start by 2020.

Before so-called flying cars become mainstream, they must overcome a host of flight safety issues to allay public fears.

Governments are already studying how to regulate drones and driverless cars, while the auto and aviation industries are working on advances in software and city planning to ensure the vehicles are restricted to travel within safe corridors.

Reuters