Here's how much Uber's flying taxi service will cost

The proposed rotor system would be the first to use stacked co-rotating rotors or propellers

The proposed rotor system would be the first to use stacked co-rotating rotors or propellers

Flying cars have attracted the attention of other technology companies. Uber say its flying taxis will be able to fly between San Francisco and San Jose, California in just fifteen minutes-a trip that takes almost two hours by vehicle in rush-hour traffic.

Uber hopes to launch its Uber Air service by 2028.

"NASA is excited to be partnering with Uber and others in the community to identify the key challenges facing the UAM market, and explore necessary research, development and testing requirements to address those challenges", said Jaiwon Shin, associate administrator for NASA's Aeronautics Research Mission Directorate.

Top U.S. regulators are scheduled to speak at the conference - either in person or via video - including U.S. Secretary of Transportation Elaine Chao and acting Federal Aviation Administration head Dan Elwell.

"We think cities are going to go vertical in terms of transportation and we want to make that a reality", Dara Khosrowshahi told CBS News. The study would focus on the Dallas area but did not specify whether it would employ real light aircraft or use simulations. The company's electric air taxi is created to fly at an altitude of 1000 to 2000 feet, and they hope to launch it by 2023.

The concept will be on display at the aforementioned Uber Elevate Summit which kicks off today and runs through Wednesday. CBS reported that Uber is "still in the design phase". Uber refers to the images as "electric vertical take-off and landing vehicles common reference models, or eCRM", according to Fortune. Flying speed will be between 150 miles per hour and 200 miles per hour while flying from 1,000 to 2,000 feet above the ground.

Wired said that the Uber network would use aircraft made from a variety of manufacturers. The blades are high enough so that riders don't have to duck, and all riders enter from one side to avoid confusion, said Uber engineers.

Khosrowshahi said the aircraft will be human-piloted at first, but will eventually be operated autonomously.

Dallas-Fort Worth and Los Angeles are the first US metropolitan areas scheduled to have the vehicles lifting off from area skyports, perhaps as early as 2020.

Under this first joint work statement, Uber and the Army's research lab expect to spend a combined total of $1 million in funding for this research; this funding will be divided equally between each party.

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