After rumors of a pending sale last summer, flying car maker Terrafugia announced on Monday that it has indeed found new ownership. As earlier speculation suggested, the company has been sold to Zhejiang Geely Holding Group. Geely Holding is a China-based automotive manufacturing company with a portfolio that includes brands like Volvo and Lotus. According to Terrafugia, the company will remain based in the United States.
Terrafugia was founded in 2006. Of the multiple flying car models currently under development, the Terrafugia Transition “roadable aircraft” is probably the closest to FAA approval, having received LSA certification exemptions for increased weight and stall speed in June of 2016. The Transition prototype has logged more than 100 flight hours and Terrafugia says it still plans on beginning deliveries in 2019. The company is aiming to make its other flying car project, the VTOL-capable TF-X, available by 2023.
Learn more at Terrafugia.