Geely Buys Terrafugia Flying-Car Developer

Zhejiang Geely Holding Group says it has completed its purchase of Terrafugia Inc., a Massachusetts-based developer of flying cars. Terms were not disclosed.

Terrafugia aims to debut its first commercial flying vehicle, the two-seat Transition (pictured), in 2019. The 11-year-old company plans to introduce a vertical take-off and landing car, the TF-X, by about 2023.

Geely has named Chris Jaran, a former managing director for Bell Helicopter China, to the Terrafugia board and made him CEO effective immediately. Founder Carl Dietrich will remain on the board but move into the newly created role of chief technology officer. Geely also has added three of its executives to the U.S. company’s new seven-member board.

Geely says it has helped Terrafugia’s engineering staff tripled in size over the past several months as the companies awaited final regulatory approvals in China and the U.S.