Geely, one of China’s largest private automakers, announced this week it would buy all of US flying car start-up Terrafugia for an undisclosed amount, the latest in a string of companies vying to launch aerial vehicles in China.
Terrafugia, founded in 2006, aims to bring its first flying car to market in 2019, according to the company.
After the acquisition, it will become a Geely subsidiary but remain headquartered and licensed in the US. The deal has been approved by the Committee on Foreign Investment in the United States (Cfius).
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