Zhejiang Geely Holding Group reached a final agreement on Monday to acquire all the businesses and assets of US-based flying car company Terrafugia, Geely said in a press release sent to the Global Times on Monday.
The deal has been approved by all relevant regulators, including the Committee on Foreign Investment in the US, said the press release.
"Flying cars are a very exciting sector… I believe that Terrafugia will change the traffic mode in the future and lead the growth of a rising industry," Geely Chairman Li Shufu was quoted as saying in the press release.
Geely will offer technological research and development support to Terrafugia and increase investment in Terrafugia to create more jobs.
Terrafugia plans to launch the first flying car in the US in 2019 and unveil the world's first flying car with vertical takeoff and landing abilities in 2023, Geely said.
Terrafugia's headquarters will remain in the US and the company will continue to focus on the research, development and production of flying cars, the press release said.
Terrafugia took a step forward in making flying car by unveiling a folding-wing, two-seat roadable aircraft in February, according to the company's website. And it will be a platform for autonomous flight technologies such as automatic ground collision avoidance and full envelope protection.