Geely to launch flying cars after Terrafugia deal

Automotive giant Zhejiang Geely Holding Group said on Monday that it will roll out its first flying car in 2019 in the US after the Chinese company decided to buy Massachusetts-based startup Terrafugia, which is pioneering such vehicles.

Geely said it will acquire all the operations and assets of Terrafugia and has received all the necessary approvals for the deal, including the Committee on Foreign Investment in the United States. It, however, did not disclose any financial details of the deal.

Founded in 2006 by five graduates of the Massachusetts Institute of Technology, Terrafugia launched its first flying car model Transition in 2012, with an estimated base price of $279,000 then. In 2013, the company released the design for its next model TF-X, which is the world's first flying car capable of vertical take-off and landing.