(Yicai Global) Nov. 13 -- Chinese car manufacturer Zhejiang Geely Holding Group has agreed a deal to purchase all business and assets related to the US flying car maker Terrafugia Inc., with the first mass production of models to start in 2019, state-owned broadcaster CCTV reported today.

The transaction has received all relevant approvals from US regulatory institutions including the Committee on Foreign Investment in the United States (CFIUS).

Established by five Massachusetts Institute of Technology (MIT) graduates in 2006, Boston-headquartered Terrafugia has been focused on the design and manufacture of flying cars.

Geely will provide financial and research support to Terrafugia. Terrafugia has already expanded its engineering team three times through support from Geely and has set up a new research institute in the US.

The company aims to achieve mass production of the world's first vertical take-off and landing flying vehicle in 2025. Terrafugia has also set up a research institute in Hangzhou to realize mass production of flying cars in China in the future.