Larry Page is soaring these days. But, it's not what you might think.

The Google co-founder and current CEO of Alphabet Inc. ( ( GOOGL - Get Report) ) has launched an autonomous electric "air taxi" called Cora. The aircraft is intended for sale to transportation services in order to reduce the impact of car traffic on the environment and help get people where they're going far faster.

"Cora isn't just about flying. Cora is about the time you could save soaring over traffic," said a statement on the Cora site. "The people you could visit. The moments that move you."

5 Things to Know About 'Cora'

  • Larry Page's California start-up called Kitty Hawk developed Cora
  • Cora flies like a plane but can take off and land like a helicopter, which means there's no need for long air traffic runways.
  • Once in the air, the air taxi can use a single propeller to drive at about 110 mph between altitudes of 500 and 3,000 feet.
  • The air taxi was designed for two passengers. Its initial range is about 62 miles.
  • The first flight took place in New Zealand.

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