Geely buys Terrafugia to make "flying auto a reality"

Group Lotus owner snaps up flying car maker

Chinese automaker, Zhejiang Geely Holding Group, will soon have a "flying car" in its portfolio.

Terrafugia, despite being founded by a quintet of MIT graduates, is hardly immune to such skepticism. This vehicle will be the first to hit the market, taking off in 2019 - although, in fairness, you're probably going to want to wait a year before purchase.

Geely, which owns a stake in national carmaker Proton, said it had received the necessary approval for the deal, including from the USA government's Committee on Foreign Investment, to take over all of Terrafugia's operations and assets.

Li Shufu, founder and chairman of Zhejiang Geely Holding believes that "Terrafugia is ideally positioned to change mobility as we now understand it and herald the development of a new industry in doing so".

Chris Jaran, Terrafugia's newly appointed CEO, said the expansion of the company's R&D capabilities would be prioritized, according to Xinhuanet.

The two companies plan to utilise their respective expertise to further the development of flying cars, with Terrafugia already having tripled its U.S. engineering team as part of an expansion ahead of the takeover.

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Terrafugia will remain headquartered in the United States under its new Chinese owners, while benefitting from the Zhejiang Geely group's investment, not to mention its experience within the automotive industry.

"Now as part of Geely Holding Group I am confident that we can reach that vision and subsequent commercial success by utilising the Group's shared global synergy", he added. It closed the day at HK$28.2, or 6.4% higher than Monday.

Terrafugia more recently showed its next model, the TF-X, which boasts more car-like styling and twin electric motors for a total output of one megawatt (1,341 hp).

While there are plenty of sky taxis and autonomous flying machines that are in development around the world at the moment, it has to be said that these vehicles rarely look like actual cars - instead, the most common design seems to be based off the idea of a giant toy helicopter.

It comes on the back of a record October for Zhejiang Geely Holding Group's home brand Geely Auto, selling 128,118 cars in China, including more than 30,000 of its new Boyue SUVs.

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