Geely buys US start-up Terrafugia and promises a flying car by 2019
Founder and chairman of Chinese owner of Volvo and Lotus, says the investment reflects “our shared belief in the vision to make the flying car a reality”
Zhejiang Geely, the Chinese car manufacture, has completed the acquisition of US start-up Terrafugia, a firm which claims it will create a flying car within the next two years.
Founded in 2006 by five MIT graduates, Boston-based Terrafugia is considered a world-leader in flying-car technology.
Since its creation, the company has delivered several working prototypes, including a model that flies like an aeroplane, but also drives like a car on the ground.
Geely said it aims to deliver its first flying car to the market by 2019, and then launch the world’s first vertical take-off and landing aircraft, or VTOL, by 2023.
The first model, a plug-in hybrid vehicle with a range of 800 kilometres, is expected to cost US$279,000 and will have a 2-seater cabin with folding wings, meaning it can fit in a typical car lane.
“Our investment in the company reflects our shared belief in their vision to make the flying car a reality,” said Li Shufu, Geely’s founder and chairman.
The firm refused to confirm financial details of the acquisition but said it had tripled the number of engineering staff in anticipation of the takeover.