Zhejiang Geely Holding Group has entered into an agreement to acquire Terrafugia, a US-based company developing practical flying cars.Terrafugia was founded in 2006 by five MIT graduates; since then, the company has delivered a number of working prototypes. Terrafugia aims to deliver its first flying car to the market in 2019, with the world’s first VTOL (vertical take-off and landing) flying car being made available by 2023. Under the terms of the agreement, Terrafugia will remain domiciled and headquartered in the US, and continue to focus on its existing mission of developing flying cars. Terrafugia will also benefit from the Geely Group’s significant expertise and track record of innovation within the global auto industry. This deal has received approval from all relevant regulators including the […]