The Chinese auto giants, Geely, have announced that they have purchased flying car developers, Terrafugia.
The parent company of Volvo, Geely Holding Group Co., was rumoured to be looking at the 11-year old flying car start-up back in July, today though comes confirmation that the Chinese group had made the purchase.
Why did they buy the flying car company?
Geely say they want to make a flying car a reality and Terrafugia was already promising to debut its first flying car in less than two years.
With traffic issues worsening in China’s largest cities – Geely see taking to the air as a possible solution.
“The team at Terrafugia have been at the forefront of believing in and realizing the vision for a flying car and creating the ultimate mobility solution,” Geely founder and chairman – Li Shufu
“This is a tremendously exciting sector and we believe that Terrafugia is ideally positioned to change mobility as we currently understand it and herald the development of a new industry in doing so.”
Terrafugia has been flying its experimental ‘The Transition’ flying car since 2012, check it out in action…
Reports say Terrafugia will remain headquartered in the U.S. and will work somewhat independently of its new Chinese owners.
We will keep you updated with further details as they come to hand and stay up to date with the latest Geely News at behindthewheel.com.au.