Volkswagen People's car project, Hover Car, the flying two-seater

I'm pretty sure that's just a fictional CGI concept video:

A young girl from Chengdu city, who is actually a student of gaming design and animation, came up with a brilliant concept. Her design bagged the contest and the prototype crafted was turned into a video.

That does not mean that we have any of the technology to implement anything like this yet.
The article is misleading in that it makes this sound more feasible then it really is. When you work at an automotive company, you see these types of conceptual promotions all the time. Of course nothing ever comes from them, and outside of generating publicity, they seem to serve no other purpose.

Originally posted by Infi8nity
I am sure we could easily build a flying car today, we have had our eye on the idea since the 50's. By the 60's we wear all supposed to be driving them. HA!! I would not be surprised if their are dozens of grate designs that have been presented but thrown under the table because of how much and how fast it would change things.

That is not the problem. The problem ultimately comes down to fuel and engine efficiency. Right now we have difficulty with engines that are efficient while simply driving with the vehicles weight suspended on wheels, let alone to be supporting the entire mass on air driven from the engine itself. The power source has to be efficient enough to overcome its own fuel weight, which is problem even now in aviation. Obviously right now we have hovercraft, helicopters, and VSTOL aircraft, but they consume large amounts of fuel, and are limited on how much weight they can carry in an extended hover.

A lot of folks go on about how the Oil and Car Companies are hiding all this technology, but take it from someone who worked in AR&D at one of the big three, that's just not true. Yes, they have bought various technologies over the years and tinkered with them, but ultimately none of them has been efficient or reliable enough to put into production. Normally these things fail on various issues; chiefly, reliability (does it work, does it break, how much damage happens when it breaks, etc.), feasibility (is it feasible to mass produce, is it less efficient than what already exists, can the public afford it, etc.) , supportability (infrastructure to maintain, cost to maintain, ability to easily acquire fuel, etc.), safety (does it explode on impact, catch fire, emit toxic fumes, etc. ). Almost every one of these “concepts” fail on at least one of those issues, if not on all.

Don't be swept up in the conspiracy hype, if there was a viable product, you bet they'd mass produce it.