Today, however, the company said it will market the Transition this year or in early 2013. The company did not say what delayed the project.

"With this flight, the team demonstrated an ability to accomplish what had been called an impossible dream," said Terrafugia CEO and CTO Carl Dietrich, in a statement. "We look forward to continuing to show that the challenges of bringing a practical street legal airplane to market can be overcome. This is a very exciting time for Terrafugia."

The Transition's first flight reached an altitude of 1,400 feet above the ground and lasted eight minutes.

Six phases of flight tests are planned to show the Transition's compliance to standards set by the FAA's Light Sport Aircraft branch.

The Transition Prototype Production will be on display at the New York International Auto Show between April 6 and 15 at the Jacob Javits Convention Center in New York City.