It has been bought by Cinese industrial giant Geely, that will help Terrafugia in pursuit to build a flying car by the end of the decade.
Terrafugia has been up until recently fairly unknown US-based company, established in 2006, that had one goal, that is to develop and produce practical flying cars. Initially, men behind the company were five award-wining MIT-graduates. Now, however the team is completed with engineers, designers and, of course, automotive and aviation experts. And even though Terrafugia so far have not produced any successful yet, they did start to get some attention from industry and public. So much in fact, that few days ago Chinese car manufacturer Geely decided to acquire the company.
Geely's move however is not much of a surprise to people, that are more familiar to this industry. China based company, best known for being the owner of car manufacturers Volvo, Polestar and Lotus have already been collaborating with Terrafugia for two years so far. With Geely now owning American company, the later will gain more financial resources, thus being able to continue faster and also bringing new work force to the company.
Even thou, that Terrafugia now has a new owner, it will stay based in United States and so will its other facilities. It will also continue to pursuit their initial goal – to make a usable flying car by the year 2019. And since deadline is closing fast, company is also slowly focusing on their next goal, building a flying car, that will be able to take off and land vertically. This type of cars should be finished in the year 2023.