Geely has received all the necessary developments due to the purchase of the startup, therefore, at present priority is the development and the development of the project of a flying vehicle.
The Zhejiang Geely Holding Group has completed the purchase of flying auto developer Terrafugia for an undisclosed price, and the Woburn, Massachusetts-based company will remain in the United States, according to Automotive News.
Terrafugia was set up by graduates from the Massachusetts Institute of Technology in 2006.
It comes after the company - which is gunning to have vertical take-off and landing vehicles in the sky by 2023 - had developed a number of prototypes.
Geely International business vice president and executive advisor to the board Nathan Yu Ning will become Terrafugia chairman.
It takes off using helicopter-style rotors built into the wings. The takeover deal has already been cleared by the USA committee on foreign investment (CIFIUS).
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He added, "This is a tremendously exciting sector and we believe that Terrafugia is ideally positioned to change mobility as we now understand it and herald the development of a new industry in doing so".
"Now, as part of Geely Holding Group, I am confident that we can reach that vision and subsequent commercial success by utilising the group's shared global synergy". Dietrich will remain in the company as chief technology officer, a newly created position, after the acquisition.
Announcing the move, Geely's chairman Li Shufu, said: "The team at Terrafugia have been at the forefront of believing in and realizing the vision for a flying vehicle and creating the ultimate mobility solution".
The stock market responded positively to the news.
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However, the company did not disclose any financial details concerning the deal, The China Daily newspaper reported today. After buying Volvo Cars and investing in Lotus Cars, Geely Holding eyes a nascent market that could grow exponentially in the following years as autonomous technologies mature.
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