On the morning of November 13, Zhejiang Geely Holding Group Co., Ltd. reached a definitive agreement with Cathay Pacific to acquire the entire business and assets of Terrafugia, Inc., which has been licensed by the U.S. Foreign Investment Commission (CFIUS) All relevant regulatory approvals.
Headquartered in Boston, USA, Terrafugia was founded in 2006 by five outstanding MIT graduates and has been focusing on the design and manufacture of flying vehicles and has several scientific achievements that have influenced the world.
With this acquisition, Geely will have strong financial and scientific support for Terrafugia, which now has a threefold increase in the number of Terrafugia engineers in the United States, with the help of Geely Set up a new research institute.According to the current plan, in 2019, the world's first flying car will be mass-produced in the United States by 2025, the world's first vertical take-off and landing of the flying car will also be mass production.Meanwhile, too Terrafugia has also set up an R & D center in Hangzhou and will mass-produce its flying cars in China in the future.