Those reports from the summer that Volvo’s parent company had snapped up flying automotive startup Terrafugia? They were true. Geely has formally completed its acquisition of Terrafugia, turning it into a fully-owned subsidiary of the Chinese automotive large. Terrafugia can be based on us and can continue to work with flying cars, but it’ll have Geely’s deep pockets and automotive experience to back it up. it is also taking over a new board of directors that includes a mix of veteran Terrafugia backers, Geely execs and Bell Helicopter’s managing director for China.
Terrafugia is fast to handle concerns that this might hurt the U.S. economy, but slightly. It received the green light from the Committee on Foreign Investment in u.s. and says it “tripled” its engineer count to almost a hundred in anticipation of Geely’s cash. Terrafugia won’t be US-owned, but it will contribute to the work force.
The real question is whether or not this can provide Terrafugia the spark it wants. the company promises to own its 1st flying car on the market in 2019, and its electric TF-X vehicle (above) ought to be ready by 2023. However, the company’s efforts are stuck in a seeming limbo: we’ve been talking regarding its Transition aircraft for years. Geely’s funding and know-how could finally turn those promises into a reality, but it’s far from guaranteed. Also, there is the not-so-small matter of building a marketplace for flying cars. Right now, they are mostly sci-fi fantasies that few folks will justify, let alone afford. you will be more likely to see taxi drones than piloted hybrid vehicles.
Deutsche Bahn future trains have digital cars with game consoles
