Automotive News   |   Automotive News Europe   |   Autoweek   |   Automobilwoche

Automotive News China Newsletter
Register our free newsletter, sent each Monday and Thursday

     Automakers   Suppliers   Auto Show   Comment   Car Cutaway   Newsletters   Press Releases   Chinese Version   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home >> Automaker Email this story   Print this story
 
Geely acquires flying-car developer Terrafugia
Automotive News China | 2017/11/14

Zhejiang Geely Holding Group completed the purchase of Terrafugia, a flying-car developer in Woburn, Mass. 


The deal received approval of all relevant regulators in China and the U.S., Geely said. The company did not disclose the purchase price.

Terrafugia will remain based in U.S., Geely said Monday.

Terrafugia expects to deliver its first flying car to the market in 2019. It also plans to launch a vehicle capable of vertical takeoff and landing by 2025.

Terrafugia, founded in 2006 by a group of Massachusetts Institute of Technology graduates, wants to develop a flying electric vehicle for the mass market.  Terrafugia is Geelys latest acquisition outside its home market in China. 

The private Chinese company this year bought a 49.9 percent stake in Malaysian carmaker Proton, along with a 51 percent share in Lotus, Proton's U.K. sports-car brand.

In 2013, it acquired Manganese Bronze Holding, which produces the iconic London taxis. And in 2010, Geely purchased Volvo Car Corp. from Ford Motor Co.

Related Stories
  • Li Shufu's sky-high ambitions for Geely as mobility provider
  •     --Published:2018/9/11
     
  • Geely shores up sales on Lynk & CO volume
  •     --Published:2018/9/11
     
  • Lynk & CO 'gears' up for U.S.
  •     --Published:2018/30/10
     
  • Daimler, Geely form ride-hailing JV in China
  •     --Published:2018/26/10
     
  • Lynk & CO's first sedan, the 03 compact, goes on sale
  •     --Published:2018/23/10
     
  • Geely 'corrects' rumors about presidential family ties
  •     --Published:2018/19/10
     
  • Geely-backed flying-car developer Terrafugia starts taking orders
  •     --Published:2018/16/10
     
  • Daimler, Geely team up on ride-hailing venture
  •     --Published:2018/12/10
     
  • Geely maintains double-digit sales growth in September
  •     --Published:2018/9/10
     
  • Honda localizes transmission output for hybrid vehicles
  •     --Published:2018/18/9
     
  • Geely, citing trade uncertainty, postpones Volvo IPO
  •     --Published:2018/11/9
     
  • Toyota, Geely exploring joint hybrid vehicle tech
  •     --Published:2018/7/9
     
  • Geely August deliveries surge behind electrified volume, Lynk & CO
  •     --Published:2018/7/9
     
  • Geely bets on bigger cars for growth with new plant
  •     --Published:2018/31/8
     
     

    Our Newsletter Editions
    Automotive News China produces two email newsletters each week. You can sort your news by the articles highlighted in each of our newsletters here.

    Select your newsletter     

     
     

    Automotive News China
    Room 1303, Building 2, Lane 99, South Hongcao Road,
    Shanghai 200233
    Telephone: 86-139-1851-5816
    Fax: 86-21-6495-0895
     
    Home | Help Center | About Us | Privacy Policy | RSS
    Entire contents © Crain Communications, Inc.
    Use of editorial content without permission is strictly prohibited. All Rights Reserved.
    ICP06057291