PALV is the short form of Personal Air and Land Vehicle, namely a personal vehicle for both air and land. It is called an air-land dual-purpose vehicle because it can fly in the air as well as drive on land.
When PALV drives on land, it is based on three wheels, similar to the Cirbin V13R super tricycle introduced earlier. However, its speed is a bit surprising as it can reach 200 kilometers per hour.