Geely moves to flying cars

Geely moves to flying cars

The company said on Monday that it has agreed to the purchase of USA startup Terrafugia that is making the world's first flying auto for practical use by 2019, pushing the Hong Kong-listed shares in its subsidiary to an all-time high.

In anticipation of this transaction, the Company's team of engineers has tripled over the past three months with Geely Holding's approval and with Geely being fully committed to investing further in the company and creating additional jobs after completion of the acquisition.

The Chinese auto giants, Geely, have announced that they have purchased flying vehicle developers, Terrafugia.

Terrafugia was founded in 2006 by five Massachusetts Institute of Technology (MIT) graduates. Although the company will be under the wing of the Chinese, it will maintain autonomy over its major research and development capabilities and production facilities, while looking to synergize with Geely in accelerating development.

As per the terms of the acquisition agreement, Terrafugia's board of directors will now include seven more individuals.

"This type of VTOL (vertical take-off and landing) technology is seen as fundamental to the creation of an aerial taxi service, as envisioned by Uber and others", it said.

More news: Alabama 1 of 2 states in running to land Toyota, Mazda plant

The takeover deal has already been cleared by the United States committee on foreign investment (CIFIUS). "Now as part of Geely Holding Group, I am confident that we can reach that vision and subsequent commercial success by utilizing the groups' shared global synergy". The company has also developed "The Transition", pitched as the "first practical flying car".

Terrafugia will remain headquartered in the USA under its new Chinese owners, while benefitting from the Zhejiang Geely group's investment, not to mention its experience within the automotive industry.

Head of the Chinese engineering company Geely An Cuihai announced plans automaker for the foreseeable future.

In turn, the head of Geely said that it would continue the investment of financial assets in the scope of flying cars and develop Terrafugia.

By then, PAL-V will have to face serious competition, from an American company that is going to be part of a huge Chinese vehicle manufacturer.

Related Articles

  • Advocacy group says social media manipulation by governments on the rise

    Advocacy group says social media manipulation by governments on the rise

    It focuses on developments that occurred between June 2016 and May 2017, although some more recent events are included as well. The most notable declines were documented in Ukraine, Egypt, and Turkey.

    Activision Blizzard, Inc (ATVI) Position Raised by Boston Advisors LLC

    It is positive, as 53 investors sold ATVI shares while 215 reduced holdings. 103 funds opened positions while 111 raised stakes. Raymond James Na invested in 0.03% or 6,068 shares. (NASDAQ: ATVI ) has "Buy" rating given on Wednesday, August 5 by Jefferies.
    Deepika Padukone : Nothing can stop release of 'Padmavati'!

    Deepika Padukone : Nothing can stop release of 'Padmavati'!

    So, can one expect them to collaborate yet again? But, if the same people take the law in their own hands, they will be punished. Many have come in support of the film, stating that a film should be taken as a film and nothing more.
  • Google Pixel 2 XL goes up for sale in India

    Google Pixel 2 XL goes up for sale in India

    Pixel 2 XL also comes with stereo front-firing speakers and Wi-Fi 2.4/5GHz 802.11 a/b/c/n/ac, Bluetooth 5.0, NFC. And there's a bank cashback offer of Rs. 8,000 on EMI transactions done thorough HDFC Bank credit cards.

    Magnitude 5.5 quake jolts South Korea

    This would be the strongest quake in South Korea since the 5.8-magnitude one which occurred near Gyeongju in September 2016. Witnesses stated that the quake could be felt in Seoul, more than 300 kilometers away, including at Gwanghwamun.
    SMRT, LTA Investigate MRT Train Accident

    SMRT, LTA Investigate MRT Train Accident

    Said Azli: "I was on the train heading to Joo Koon when the train came to a sudden stop, and there was a loud bang". 25 people, including two SMRT staff, were injured after a train collided with a stationary train.
  • YouTube now lets you buy concert tickets while watching music videos

    YouTube now lets you buy concert tickets while watching music videos

    There's no word yet if YouTube is planning on getting other ticketing companies since not all artists are using Ticketmaster . As of today, the feature is set up for North American tour dates only, but YouTube says it plans to expand globally.
    Belated Trump's responce to Texas Church Shooting has enraged Twitter!

    Belated Trump's responce to Texas Church Shooting has enraged Twitter!

    Tweet from Donald Trump dated November 14, 2017: "May God be with the people of Sutherland Springs, Texas . "The FBI and Law Enforcement has arrived", the president tweeted.
    5.4 quake in southeast South Korea causes some minor damage

    5.4 quake in southeast South Korea causes some minor damage

    An natural disaster of 5.5 magnitude on the Richter scale has hit the southeastern city of Pohang, the Korean Times reported. According to the Korea Meteorological Administration, an aftershock of 5.4 was witnessed minutes later.
  • Ebates Holiday Survey: Most Americans Plan to Shop on Black Friday

    Ebates Holiday Survey: Most Americans Plan to Shop on Black Friday

    If you have concerns about the type of gift or the right fit, make sure you understand the return policy and its details. Some department stores that include Macy's , Belk, JC Penny, and Kohl's will be open on Thanksgiving Day this year.
    Myanmar Army again denies abuses against Rohingya

    Myanmar Army again denies abuses against Rohingya

    Myanmar leader Aung San Suu Kyi has come under increasing global pressure to act to prevent further tragedies from occurring.
    Aden airport receives first commercial flight after Yemen blockade

    Aden airport receives first commercial flight after Yemen blockade

    In March 2015, the Saudi-led coalition of mostly Persian Gulf countries launched airstrikes against the Houthis at Hadi's request. However, Saudi Arabia demanded more rigorous checks at the Red Sea port of Hodeida, which is being controlled by the rebels.