The hybrid car-aircraft, AirCar, is equipped with a BMW engine and runs on regular petrol-pump fuel.
Its creator, Prof Stefan Klein, said it could fly about 1,000km (600 miles), at a height of 8,200ft (2,500m), and had clocked up 40 hours in the air so far.
It takes two minutes and 15 seconds to transform from car into aircraft.
The narrow wings fold down along the sides of the car.
Prof Klein drove it straight off the runway and into town upon arrival, watched by invited reporters.
He described the experience, early on Monday morning, as “normal” and “very pleasant”.
In the air, the vehicle reached a cruising speed of 170km/h.
It can carry two people, with a combined weight limit of 200kg (31 stone).
“I have to admit that this looks really cool – but I’ve got a hundred questions about certification,” Dr Wright said.
“Anyone can make an aeroplane but the trick is making one that flies and flies and flies for the thick end of a million hours, with a person on board, without having an incident.
“I can’t wait to see the piece of paper that says this is safe to fly and safe to sell.”