Terrafugia Inc. said Monday that its new flying car has completed its first flight, bringing the company closer to its goal of selling the flying car within the next year. The vehicle — named the Transition — has two seats, four wheels and wings that fold up so it can be driven like a car. The Transition, which flew at 1,400 feet for eight minutes last month, can reach around 70 miles per hour on the road and 115 in the air. It flies using a 23­gallon tank of gas and burns 5 gallons per hour in the air. On the ground, it gets 35 miles per gallon.