Geely Holding Group announced a definitive agreement with Terrafugia Flying Motor Company in the United States to acquire the entire business and assets of Terrafugia. The transaction was approved by all relevant regulatory agencies, including the U.S. Foreign Investment Commission (CFIUS).
Headquartered in Massachusetts, USA, Terrafugia was founded in 2006 by five outstanding MIT graduates. The company is committed to developing a new way to travel, focusing on the design and manufacture of flying cars, with cutting-edge advantages in the future of innovative technologies, engineering and production. So far, a number of well-run prototypes have been successfully developed. The first flying car is planned to be launched in 2019 and the world's first vertical takeoff and landing flight car will be launched in 2023.
In the future, place of registration and headquarters of Terrafugia will remain in the United States and Terrafugia will continue to focus on the development and production of existing flying vehicles. Geely Holding Group will use the deep technical expertise and innovative experience accumulated in the automotive industry to help and support Terrafugia.
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