GM's vice president of global design, Michael Simcoe, said the car manufacturer is "preparing for a world where advances in electrics and autonomous technology make personal air travel possible."

Simcoe said the VTOL concept is GM's "first foray into aerial mobility." He added that other versions of the VTOL concept are in development, including air taxi prototypes.

The company provided no further information if there was a working VTOL or if testing has been conducted. 

GM appears to be targeting the ultra-rich as they will be able to use these aircraft, sometime in this decade, to avoid traffic on the ground by flying from rooftop to rooftop.