Boeing announced it is working with Volkswagen's Porsche to create a flying car

The flying electric vehicle is intended to transport people in urban settings 

 Boeing is already competing with rivals to introduce small self-flying vehicles

U.S. planemaker Boeing Co said on Thursday it was working with Volkswagen's sports car brand, Porsche, to develop a concept electric flying vehicle capable of transporting people in urban settings.

Boeing is already competing with arch-rival Airbus SE and other companies to introduce small self-flying vehicles capable of vertical takeoff and landing.

Earlier this year, the planemaker conducted an inaugural test flight of an aerial car prototype that could accommodate two to four passengers and fly up to 50 miles.