Volvo’s parent company acquires flying car startup

Are flying cars going to finally make a leap from sci-fi fantasy to our reality? Volvo’s parent company Geely just completed its acquisition of Terrafugia, making the US-based company a fully-owned subsidiary of the Chinese automotive giant. Terrafugia under Geely will continue to work on flying cars in the US but will bring in both the deep pockets of Geely and their automotive experience. The company will take on a new board of directors that will have a mix of veteran Terrafugia backers, Geely execs, and Bell Helicopter’s managing director for China.

When it comes to concerns of the acquisition hurting the US economy, Terrafugia says it has received green light from the Committee on Foreign Investment in the country and it has supposedly “tripled” its engineer count to almost 100 in anticipation of the acquisition. So while the company isn’t US-owned anymore, it’ll contribute to the country’s workforce. It aims to release its first flying car in 2019 and the electric TF-X car you see above by 2023. The company seems to have been stuck in limbo when it comes to the development of these cars but perhaps the extra boost of cash and experience will help propel them forward. Of course, what we don’t know is whether the development of flying cars would see a need for them.

Source: Engadget