Volvo’s Chinese parent company Geely announced today that it has successfully completed the purchase of Terrafugia, according to a report. The company very confidently states that it will deliver a flying car to the market by 2019.
Terrafugia is a startup founded by graduates of the MIT and MBA students and developing a flying car. Terrafugia will remain based in the US and will continue developing flying cars, but Geely will provide its deep pocket and automotive experience. It will also have a new board of directors that includes a mix of veteran Terrafugia backers, Geely execs and Bell Helicopter’s managing director for China.
Terrafugia says this could slightly hurt the US economy. The Committee on Foreign Investment in the United States showed green signal to Terrafugia and in the result, Terrafugia tripled its engineer count to nearly 100 in expectation of Geely’s cash.
Airbus and Uber have already confirmed that they are developing flying cars. Uber signed a deal with NASA to produce software which the company plans to use to control and manage “flying taxi” routes. Uber says it is planning to launch its flying taxi service as soon as 2020. But looking at another side, flying a car would require getting a flying license, which isn’t convenient or cheap for most people to do.
Geely and Terrafugia have not revealed any specific date to launch its own service. So you have to wait to see Volvo-branded cars buzzing between rooftops.