New York (CNN Business) Boeing and Porsche, meet George Jetson.

The US aircraft giant and German sports car maker announced Thursday they are teaming up to "explore the premium urban air mobility market and the extension of urban traffic into airspace," through "a fully electric vertical takeoff and landing vehicle."

Translation: They want to develop an electric vehicle that can fly.

The announcement did not include any details about the amount of money or other resources the two companies plan to invest in the effort, or a target date or price range.

An artist rendering of a possible version of an electric flying car that Porsche and Boeing are planning to work together to develop.