The Pal-V, which stands for Personal Air and Land Vehicle, is actually more of a driving autogyro than a flying car, but it can drive like a car, and it can also fly.
An autogyro is an old idea--it uses an unpowered rotor on the top of the vehicle, but it's not like a helicopter, which generates lift by blasting air downwards with it. Instead, power is provided by a smaller propellor at the rear, and the top rotor is used for pitch and yaw, more like a glider. (That also means if your power goes out, you can glide slowly to the ground.) The Pal-V, a small, one-person autogyro that also drives sort of like a three-wheeled motorcycle, leaning into turns, just completed its first flight.