, an aerospace company founded by pilots and engineers from MIT, has been working to get its Transition Street-Legal Airplane to market for the past few years. The company announced Monday that the drivable plane completed its first flight at Plattsburgh International Airport in upstate New York in March.

The Transition flying car, built by Terrafugia, soars over Plattsburgh, N.Y. Airport, near Lake Champlain. (Image: Terrafugia)

"The successful first flight of this Production Prototype Transition marks a critical move toward initial production and first delivery," said Anna Mracek Dietrich, COO of Terrafugia, in a statement. "Terrafugia will continue its testing program in preparation for first delivery, which is expected to occur within the next year."

Before the production prototype was completed, the Woburn, Mass.-company built and tested a in 2009.

In the summer of 2010, the Federal Aviation Administration granted the company a special weight limit exemption for its flying car. At that point, Terrafugia executives said they hoped to be selling the vehicle .