DETROIT — Amphibious vehicles aren't just for James Bond anymore.

A one-person all-terrain vehicle that doubles as a personal watercraft is scheduled to go on sale by the end of this year.

The vehicle — called the Quadski — goes up to 45 miles per hour on land. To go in the water, the driver presses a button and the wheels fold into the sides in five seconds. The Quadski also goes 45 miles per hour in the water.

The Quadski will cost around $40,000. It will be sold at water sports dealerships in New York, Boston, the Great Lakes, Florida and Texas.

Michigan-based Gibbs Sports Amphibians says it has spent 16 years and $200 million developing the technology in the Quadski.

-- The Associated Press