No, this is not a flying car, but a car that runs on $3 worth of compressed air for 200km. This is cool!
After I posted this, a friend pointed out that, looking at this picture, it looks like some are running in the French department where I live (83 and 06 at the end of the plate). Indeed, it looks like this is actually a small European company doing this (Luxembourg, South of France, Spain). From the original article, I had the impression it was an Indian company, but here is a quote from the second page:
“Moteur Development International” (MDI) is a company founded in Luxembourg, based in the south of France and with its Commercial Office in Barcelona. MDI has researched and developed the Air Car over 10 years and the technology is protected by more than 30 International patents and MDI is actively seeking licensees, with according to the company, 50 factories in Europe, America and Asia signed already.
There are even videos of the car in action.