Why it matters: Another day, another 'flying car.' This time, Boeing has announced it is teaming up with carmaker Porsche to develop a concept for an electric vertical takeoff and landing (VTOL) vehicle. The pair have signed a new memorandum of understanding to work together on the project and will “explore the premium urban air mobility market and the extension of urban traffic into airspace."

Both firms will collaborate on building and testing a prototype of the vehicle based on the concept design. They'll also look at the potential market and various uses for premium air services.

Few other details of the vehicle were revealed, but you can see an artist’s rendering of what it might look like at the top of the page.

"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," said Boeing VP Steve Nordlund, in a statement.

This isn’t Boeing’s first foray into the VTOL market. At the start of the year, one of the flight company's subsidiaries, Aurora Flight Sciences, revealed that its latest air vehicle prototype had completed its first-ever autonomous test flight, though test hover might be a better description.

Last week saw the Larry Page-backed Kitty Hawk reveal Project Heaviside, a secret project it had been working on for two years. Another electric VTOL aircraft, the machine is said to be 100 times quieter than a helicopter and has a 100-mile range.