The car, called Pegasus, is a hybrid of a dune buggy and an ultralight aircraft and will be able to fly at speeds of up to 50 mph for three hours, TheLocal.fr reported Friday.
"The idea is to be able to move quickly on land or in the air, independently and in all circumstances," Jerome Dauffy, president of Pegasus maker Vaylon, told French daily Le Figaro.
Dauffy, an aviation enthusiast, has been working on the project since 2008. He said he hopes to have the project completed and Pegasus for sale by 2015.
Pegasus will cost potential buyers $137,440 to start.