AeroMobil revealed its new model of its million dollars flying car in Monaco on Thursday. The flying car company is set to start taking pre-orders for the limited first edition of the futuristic hybrid vehicle. Although it promised to offer a commercially available flying car this year, the pre-orders won't be delivered until 2020.

The company expects to ramp up full production over the next few years and start delivering them. For now, the Slovakian company is proud to display the version of a flying car that buyers are potentially going to get in the near future. The flying release candidate is built with a light-framed plane with foldable wings.

The million dollar flying car unveiled in Monaco looks like an insect when its wings are positioned for takeoff. Coming in Bumble Bee Yellow and White colors, it is boosted by a hybrid engine and rear propeller. Available for pre-order this year, it's a bit tough to acquire the vehicles since it comes with the big price tag of $1.3 million to $1.6 million.

Additionally, a pilot's license is needed to be able to use it in the air. According to TechCrunch, another flying company firm has also revealed a crossover car-plane, called the Pal-V Liberty. This flying version appears to be more compact than AeroMobil, and it costs way less at $320,000 to $534,000.

According to Daily Mail, there are a number of ambitious companies that are currently working on flying cars. Designs of the vehicle and how it takes off come in different forms such as Aeromobil's two-seater that needs a runway, or others that lift off vertically like helicopters. However, companies that are seriously looking to market them are rare as they struggle to make it affordable, and since they lack the system on how to control the air traffic when hundreds of these flying cars are already in the air.