World's first electric flying car gets approval by FAA

The Federal Aviation Administration (FAA) has given approval to a California-based company to start flight testing on a fully electric flying car. 

According to Business Insider, the automaker named Alef Aeronautics said that they have been given a Special Airworthiness Certification for Model A of the car. 

The startup company said that this is the first such approval for a car that is able to fly  — which has been backed by SpaceX. The Model A will cost $300,000.

"It allows us to move closer to bringing people an environmentally friendly and faster commute, saving individuals and companies hours each week. This is one small step for planes, one giant step for cars," said Jim Dukhovny, who is the CEO of Alef.

Even though the car has been given the approval for flight tests, the FAA restrictions have limited the locations and purpose for which it is permitted to fly.

The company plans to produce a flying car that can drive as well as fly and it is designed in such a way that it can adjust with the infrastructure for driving and parking.

With a road range of 200 miles and a flying range of 110 miles, the car can take off vertically or horizontally and has the capacity for up to two people only.

Those who want to buy the car can deposit $150 deposit to join the general queue or $1,500 to get priority access once the deliveries start.

Dukhovny told CNBC in December that customers can expect to see their cars in the sky by 2025.