Zhejiang Geely Holding Group, a Chinese company, has entered into an agreement to buy Terrafugia, the U.S.-based company that developed the Transition flying car. The car is slated to begin deliveries in 2019 and has received most of the approvals required to do so. The company is currently developing a vertical takeoff flying car for a 2023 release.
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 Committee on Foreign Investment in the United States (CIFIUS).