HANGZHOU, 14 Nov 2017:
Zhejiang Geely Holding Group has announced it will acquire all operations and assets of Terrafugia Inc, a US-based flying car developer, China’s Xinhua news agency reported.
Geely did not disclose the volume of the deal, which has received approval from all relevant regulators in the US, it said in a statement Monday.
Geely has promised investment in Terrafugia to make the flying car a reality.
Founded in 2006 by a handful of MIT grads, Terrafugia has since created several working prototypes with the aim to deliver its first flying car to the market in 2019 and release the world’s first flying car with vertical take-off and landing (VTOL) by 2023.
“This is a tremendously exciting sector and we believe that Terrafugia is ideally positioned to change mobility as we currently understand it and herald the development of a new industry in doing so,” said Geely founder and chairman Li Shufu.
Terrafugia’s first flying car, known as the Transition, will be aimed at existing general aviation pilots.
The startup will then focus on a simplified VTOL flight technology for urban short-range travel, expanding the potential customer base beyond wealthy hobbyists. Finally, the TF-X (pictured) serves as a long-term vision “that will bring the flying car to the masses.”
With more than 60,000 employees worldwide, Geely sold more than 1.3 million vehicles in 2016, with Volvo Car sales exceeding 530,000. Geely has also forged an equit partnership with Proton Holdings Bhd.
– Bernama