(Yicai Global) Nov. 30 -- Chinese car maker Zhejiang Geely Holding Group has agreed a buy all business and assets related to the US flying car manufacturer Terrafugia Inc., the first company of its kind globally. Geely aims to start mass production of flying cars in 2019.
The acquisition has now received all relevant approvals from US regulatory institutions including the Committee on Foreign Investment in the United States.
Terrafugia was founded in 2006 by five MIT graduates and is headquartered in Boston.
Geely will provide financial and research support to Terrafugia. The flying car firm has already expanded its engineering team three times through previous support from Geely and has now set up a new research institute in the US.
Terrafugia has also set up a research institute in Hangzhou to realize mass production of flying cars in China in the future. The company aims to achieve mass production of the world’s first vertical take-off and landing flying vehicle in 2025.