Geely is on a buying spree – after Lotus comes flying car company Terrafugia image

The Zhejiang Geely Holding Group – famous above all else for being the parent of Volvo Cars nowadays – has seemingly decided to enhance its portfolio of brands by acquiring US-based flying car developer Terrafugia.

The latter has been around since 2006, with the sole purpose of bridging the gap between the road and the clear blue skies – as in trying to come up with a resolution for the quite old dream of hitting the road or the sky in the same vehicle as one sees fit to. It’s actually not a crazy idea from Geely – since there are many powerful companies (Uber and Boeing, Airbus, just to name a few) that are interested in this mobility concept. Terrafugia is looking to bring to market their vertical takeoff and landing (VTOL) – TF-X project, a plug in hybrid flying car with a range of more than 500 miles (800 km).

“We started Terrafugia with a vision to change the future of transportation with practical flying cars that enable a new dimension of personal freedom. Now as part of Geely Holding Group I am confident that we can reach that vision and subsequent commercial success by utilising the Groups shared global synergy,” commented Terrafugia founder and CTO Carl Dietrich. It’s interesting to note how Geely is developing its subsidiaries – they recently introduced Lynk&Co as a completely new automotive brand that harnesses the expertise of the Swedish Volvo group and also command a majority stake in British exotic sports car manufacturer Lotus.