It’s a bird… It’s a plane… It’s a Porsche? That’s what people could say in the future as the German automaker has signed a memorandum of understanding with Boeing.

According to Boeing, the agreement means the two companies will “explore the premium urban air mobility market and the extension of urban traffic into airspace.”

The partnership focuses on “premium personal urban air mobility vehicles” and the two companies will explore their market potential and possible use cases. They’re also developing an electric vertical takeoff and landing vehicle which is being billed as a concept at this point. Porsche will play an important role in the model’s development as both Porsche Engineering Services GmbH and Studio F.A. Porsche will be involved as well as engineers from Boeing.

Also Read: Boeing’s Autonomous Flying Car Makes Maiden Voyage For 60 Seconds

In a statement, Boeing NeXt Vice President and General Manager Steve Nordlund said “This collaboration builds on our efforts to develop a safe and efficient new mobility ecosystem, and provides an opportunity to investigate the development of a premium urban air mobility vehicle with a leading automotive brand.” He added, “Porsche and Boeing together bring precision engineering, style and innovation to accelerate urban air mobility worldwide.”

While it seems odd that Porsche would be interested in flying cars, the company’s sales and marketing boss, Detlev von Platen, noted they’re “looking to enhance its scope as a sports car manufacturer by becoming a leading brand for premium mobility.” He went on to say that in the longer term, this could mean Porsche moves into the “third dimension of travel.”

Of course, there’s more to this than meets the eye as a study from Porsche Consulting suggested the urban air mobility market will grow significantly after 2025. The study also found that urban air mobility solutions will “transport passengers more quickly and efficiently than current conventional means of terrestrial transport, at a lower cost and with greater flexibility.”  In effect, there could be a large market for flying Porsches in the future.

While the partnership is still in its early stages, the companies released a couple of renderings which depict a stylish aircraft with short wings and massive tips. The model also has a sleek fuselage with wraparound windows and a rear end that features vehicle-like ‘exhaust tips.’