Zhejiang Geely Holding Group, father or mother of Chinese carmaker Geely, has got US-based flying car developer Terrafugia with the purpose of bringing a correct flying car to lifestyles.
The two firms plan to utilise their respective experience to additional the advance of flying automobiles, with Terrafugia already having tripled its US engineering staff as a part of a diffusion forward of the takeover.
Geely has dedicated to making an investment closely within the Massachusetts-based company, which desires to carry its first flying car to marketplace in 2019, and the arena’s first VTOL (vertical take-off and touchdown) flying car by way of 2025.
Terrafugia will stay headquartered in the USA beneath its new Chinese homeowners, whilst benefitting from the Zhejiang Geely crew’s funding, now not to point out its enjoy throughout the automobile trade.
“The team at Terrafugia have been at the forefront of believing in and realizing the vision for a flying car and creating the ultimate mobility solution,” mentioned Li Shufu, Zhejiang Geely founder and chairman.
“Our investment in the company reflects our shared belief in their vision and we are committed to extending our full support to Terrafugia, leveraging the synergies provided by our international operations and track record of innovation, to make the flying car a reality.”
Meanwhile, founding father of Terrafugia, Carl Dietrich, mentioned: “We started Terrafugia with a vision to change the future of transportation with practical flying cars that enable a new dimension of personal freedom”.
“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.
Pictured is the Terrafugia TF-X, a fully-electric flying car idea this is able to vertical takeoff and touchdown. The corporate has additionally advanced ‘The Transition’, pitched because the “first practical flying car”. Two full-scale prototypes had been put to the check, making it the possibly automobile to be presented in 2019.
Above: Geely MPV idea
Geely is the father or mother corporate of Swedish luxurious emblem Volvo Cars, at the side of the London Taxi Company. The Geely Holding Group bought a blended 1.three million automobiles in 2016, and co-developed the Compact Modular Architecture (CMA) with Volvo – which is able to underpin the Swedish producer’s new 40-Series vary, beginning with the XC40 SUV when it launches in Australia subsequent 12 months.
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Geely buys Terrafugia to make “flying car a reality”