A flying car designed by Terrafugia. (Photo/Website of Terrafugia)
(ECNS) -- Chinese automaker Zhejiang Geely Holding Group and Terrafugia, a Boston-based company that made the world's first flying car, signed an agreement on Monday, whereby the former will acquire Terrafugia and provide financial and research support to the startup, according to China Central Television.
This deal has been approved by all U.S. regulatory bodies including the Committee on Foreign Investment in the U.S., it was said.
Terrafugia was established by five award-winning MIT graduates in 2006. With Geely's support, it has expanded its engineering team three times and set up a new research institute.
According to plans, it aims to mass produce the world's first flying cars in 2019 and the world's first vertical take-off and landing flying vehicles in 2025.
Terrafugia has also set up a research institute in Hangzhou, Zhejiang Province, in the hope to realize mass production of flying cars in China.
Geely has expanded quickly around the world in recent years. It bought Sweden-based Volvo Cars from Ford Motor Co in 2010 and acquired the London Taxi Co in 2013.
