16 November 2017
The Chinese conglomerate that owns Volvo Cars has bought Terrafugia, the US flying car company. Terrafugia Inc will become a fully owned subsidiary of Zhejiang Geely Holding Group, known as ‘Geely’.
Terrafugia has produced two prototypes of its folding wing flying car, and is aiming to produce the first commercial production model by 2019, followed four years later by a vertical takeoff and landing version.
The deal, approved by US regulators, will see Terrafugia stay in the USA and it has already been recruiting extra engineers ahead of the acquisition. A new management team will see Chris Jaran, former managing director for Bell Helicopter China, take over as chief executive, with Terrafugia founder Carl Dietrich moving to the newly created role of Chief Technology Officer.
Terrafugia video
Zhejiang Geely founder and chairman Li Shufu said, “The team at Terrafugia have been at the forefront of believing in and realising the vision for a flying car and creating the ultimate mobility solution.
“Our investment in the company reflects our shared belief in their vision and we are committed to extending our full support to Terrafugia, leveraging the synergies provided by our international operations and track record of innovation, to make the flying car a reality.”
Geely has made a success of its purchase of Volvo Cars – and it also owns the London Taxi Company. It sold a total of 1.3 million vehicles in 2016.
