A two-seat flying car capable of driving on normal roads and using petrol will go on sale by 2017, according to Slovakian company AeroMobil.

Company CEO and co-founder Juraj Vaulik made the announcement during the South by Southwest conference this week.

"We believe that by 2017 we'll be able to launch this to market," said Vaculik at conference, according to CNBC.

Vaculik didn't stop there: he also hinted that there's a chance a fully autonomous vehicle could be on the horizon.

"If something like a flying Uber and flying Lyft will be on the market, I think many users will find this a very efficient way to move," the CEO added.

The vehicle, which is based on the current AeroMobil 3.0 prototype being tested, is capable of flying 430 miles on a tank of petrol, an altitude limit of 9,800 feet to avoid cabin pressurization. It has a top speed of 100 mph on the ground and maxes out at 124 mph on twin propellers.

AeroMobil announced its first prototype for the 3.0 vehicle during the 2013 Montreal Aerotech Congress in Montreal. The company then unveiled an advanced design during the Pioneers Festival in Vienna last year.

Vehicles can fit into normal parking spots and need to find just 750 feet of clear road to take off.

Vaculik believes that flying cars will reduce traffic problems since vehicles would be spread in different "layers" of airspace. He also thinks that eventually landing strips will be built by the side of main roads or near petrol stations and vehicles are ideal for remote locations, so expensive roads won't be needed.

The vehicle has been certified by the Slovak Federation of Ultra-Light Flying after receiving authorization by the Civil Aviation Authority of the Slovak Republic.

Pricing has not been announced yet, but the limited edition vehicle will target "wealthy supercar buyers and flight enthusiasts" for hundreds of thousands of dollars, Vaculik said.

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