-The first official information and images of the Celera 500L were revealed by Otto Aviation Wednesday

-The 'bullet' aircraft is predicted to revolutionize private air travel

-It can travel at a cruising speed of 460mph for more than 4,500 miles

-Yet it uses eight times less fuel bringing hourly operating costs down to at $328 

-It is hoped the the lower costs will make it a competitor for commercial travel

-The plan is powered by a RED A03 engine

-Otto Aviation plans for first commercial deliveries by 2025 but a price for the aircraft is not yet known

The much-anticipated Celera 500L 'bullet' plane which is set to revolutionize private air travel has been revealed.

Developed by California-based Otto Aviation, the Celera is a six-person craft they say boasts groundbreaking fuel efficiency with eight times less consumption. 

Yet, it can still fly at jet speeds with a maximum cruising speed of 460 miles per hour, while having a range of more than 4,500 miles, twice that of other aircraft the same size.