This new, working hoverboard costs more than a car

This week, ARCA Space Corporation unveiled their new hoverboard, which runs for 6 minutes at a time with a top speed of 12.5 MPH and will cost nearly $20,000. However, some believe the hoverboard, called the ArcaBoard, is “vaporware” and will not be released in time for its projected April 2016 release window.

According to Engadget, the ArcaBoard utilizes 36 electric fans in order to float in mid air, allowing riders to ride the board as it hovers a few feet off the ground. ARCA is calling the ArcaBoard a “revolutionary breakthrough for transportation.”

Unlike other, similar products — for example, Lexus’ recently unveiled version of the hoverboard concept — the ArcaBoard allows users to control it via their smartphone.

Further differentiating the ArcaBoard from other hoverboard solutions is its commitment to its upthrust based floatation technology. The Lexus board, for example, relies on liquid nitrogen and magnets in order to create the hovering effect.

While ArcaBoard’s many fans and bulky design might be less ergonomic and sleek as alternatives such as the Lexus board, ArcaBoard is currently available for pre-order at $19,900 — while the Lexus board is not for sale.

The ArcaBoard will only run for 6 minutes at a time and takes 6 hours for a complete charge, unless users shell out an additional $4,500 dock accessory which reduces the charging time to around 35 minutes.

Engadget speculates that the ArcaBoard is “vaporware” — a computer product that is announced in order to drum up publicity and never released. There has been a sudden uptick in hoverboard related announcements among several companies, ARCA Space Corporation and Lexus included, as it appears that these announcements draw lots of fanfare among hopeful futurists.

ARCA Space Corporation, which is currently based out of New Mexico, exists to develop rocket systems and commercial drones. However, the company has yet to release a commercial product, which would make ArcaBoard its first upon its eventual release.

While ArcaBoard and its marketing exhibit signs that indicate the product might indeed be “vaporware,” currently it is still set to be released in April 2016.