Looking at the car website it is clearly vapourware. I can't believe the Age printed this nonsense.

I looked at the company web site a week or two and I agree totally - its awful and smells of vapour.

However, air cars seem to be getting a bit of investment in India and France IIRC, so The Age's story makes some sense (and does a much better sell job than the company site).

http://www.theaircar.com/
http://www.popularmechanics.com/automotive/new_cars/4217016.html

I'll withhold judgment for now - air cars are an interesting experiment - and company web sites aren't a definitive way of judging if they know what they are doing.

That said, I wouldn't bet much on them myself just yet.