The amount of the transaction was not disclosed. Geely promised at the expense of investments in Terrafugia to make flying cars a reality. By agreement, Terrafugia headquarters will remain in the US.
Terrafugia was founded in 2006. She set the task to bring the first flying car to the market in 2019, and in 2023 - the world's first flying car with a vertical take-off and landing. Even before the transaction, the team of Terrafugia engineers in the US, thanks to Geely's support, tripled in the last quarter. Chris Jaran, the new Chief Executive Officer of Terrafugia, said that priority will be given to expanding the company's research and development capabilities, BelTA writes..