The Chinese holding company Zhejiang geely, owner of Volvo Cars, completed the acquisition of the technology company Terrafugia, which is in the process of developing the first flying vehicle, which will be launched on the market in 2019.
Under the terms of the agreement, Terrafugia will continue its business as usual at its headquarters in the United States and will continue to focus on the mission of developing flying cars. In 2019, the first flying car will hit the market, which will be available by 2023, with the take-off system and vertical landing VTOL.
"The support that Geely has pledged to make Terrafugia's vision of a flying car a commercial reality is unprecedented, and I take this role with full confidence for the future." has affirmed the CEO of Terrafugia, Chris Jaran.
For his part, the founder of the company, Carl Dietrich, added that Terrafugia was born with the vision of changing the future of transportation with practical flying vehicles and "As part of the Geely Holding Group, I am confident that we can achieve that vision."
“Our investment in the company reflects our shared belief in its vision and we are committed to extending our full support to Terrafugia, leveraging the synergies provided by our international operations and our track record of innovation, to make the flying car a reality.“, Has pointed out the founder and president of Zhejiang Geely Holding Group, Li Shufu.
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