The Aquada is designed to reach speeds of 100 miles per hourkilometres per hour) on land and over 30 mph on water, according to Gibbs Technology, which developed the new technology.

No other road-legal vehicle has so far managed to exceed six mph on water, the company claimed.

Previous attempts have failed because of the vehicles' inability to climb out of the water and skim along the water.

But the vehicle is likely to be beyond the reach of all but the wealthiest James Bond-wannabes, with a price tag of 150,000 pounds (217,000 euros, 234,000 dollars).

It is the brainchild of Alan Gibbs, an entrepreneur from New Zealand who now lives in London.

The technology took 70 engineers and designers seven years to develop, with over 60 related inventions patented.

The Aquada, which was put through its paces in the River Thames as journalists watched, is a two-wheel drive which uses unleaded petrol and has an engine of 175 horsepower.

It has no doors, but the driver climbs over the side to get in.

The vehicle has a range of 50 miles and has been designed to go in the sea or fresh water. Gibbs claims it performs as well as or better than jet boats of a similar size.

"It is in the first instance a recreational vehicle, a sports car and a sports boat," said Gibbs, who founded Gibbs Technology and is chairman of the group.

"But it could be a commuter city vehicle which avoids commuter congestion. The Thames is a perfect location to make use of this vehicle as it has no speed limit and is greatly under-utilised."

SPACE.WIRE