Volvo owner Geely to acquire flying car start-up
China’s Zhejiang Geely, owner of Volvo and Lotus, said it will buy US flying car start-up Terrafugia. The company, founded by a group of MIT graduates in 2006, is taking $10,000 deposits for its first model, the Transition, with the expectation it will deliver its first vehicle in three years’ time for about $279,000 each. Boston-based Terrafugia said the “roadable aircraft” has a range of 400 miles and a top speed of 100 mph. it has raised $5.82 million in five funding rounds led by Boston-based angel investor Semyon Dukach and venture capital firm Transcendent Holdings.
Zhejiang Geely says it has agreed to buy Terrafugia, adding to its portfolio of car brands that included Volvo, Lotus and Proton