The story from the summer that reported that Volvo's parent
company had grab flying car startup Terrafugia? They were
positive. Geely is now officially done
with its procurement of Terrafugia, converting it into a
fully-owned subordinate of the Chinese automotive giant. Terrafugia will
continue to be based in the United States and will continue operating on flying
cars, but it will have Geely's deep pockets and automotive experience to
reinforce it. It's also taking on a new board of directors that includes a mix
of veteran Terrafugia backers, Geely officers and Bell Helicopter's managing
director for China.
Terrafugia is hasty to address activities that this could break
the USA economy, nevertheless slightly. It received the go ahead from the
Committee on Foreign Investment in the USA, and says it "multiplies"
its engineer count to nearly 100 in expectation of Geely's cash. Terrafugia
probably might not be a US-owned, but it will partake to the factory.
The question is in the event this will give Terrafugia the
catalyst it needs. Terrafugia promises to have its first flying car on the
market in 2019, and its electric TF-X vehicle should
also be ready by 2023. Nevertheless, the company's efforts have been stuck in a
seeming limbo: we have been deliberating about its evolution aircraft
for years. Geely's funding and know-how could finally convert those promises
into reality, but it’s unlikely guaranteed. Also, there's the not-so-small
matter of creating a market for flying cars. Right now, they're mainly sci-fi
fantasies that little people can vindicate, let alone afford.
Source: EnGadget
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