China's Geely buys U.S. flying car maker_Business_Asia Pacific Daily

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China's Geely buys U.S. flying car maker

Business2017-11-14

Zhejiang Geely Holding Group has announced it will acquire all operations and assets of Terrafugia Inc, a U.S.-based flying car developer. Geely did not disclose the volume of the deal, which has received approval from all relevant regulators in the United States, it said in a statement Monday. Geely has promised investment in Terrafugia to make the flying car a reality. Founded in 2006, Terrafugia aims to deliver its first flying car to the market in 2019 and release the world's first flying car with vertical take-off and landing by 2023. With more than 60,000 employees worldwide, Geely sold more than 1.3 million vehicles in 2016, with Volvo Car sales exceeding 530,000. (ASIA PACIFIC DAILY)

Zhejiang Geely Holding Group has announced it will acquire all operations and assets of Terrafugia Inc, a U.S.-based flying car developer.

Geely did not disclose the volume of the deal, which has received approval from all relevant regulators in the United States, it said in a statement Monday.

Geely has promised investment in Terrafugia to make the flying car a reality.

Founded in 2006, Terrafugia aims to deliver its first flying car to the market in 2019 and release the world's first flying car with vertical take-off and landing by 2023.

With more than 60,000 employees worldwide, Geely sold more than 1.3 million vehicles in 2016, with Volvo Car sales exceeding 530,000.

(ASIA PACIFIC DAILY)

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