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Geely acquires Terrafugia flying car startup

Tinuku ~ Zhejiang Geely Holding Group Co., Ltd. is really unstoppable expansion in transportation industry by acquiring Terrafugia. The company headquartered in Hangzhou, China acquired a startup flying car that really ready to enter market. Terrafugia is one of the first companies in the world to provide road usage practices as sports car and vertical take-off and landing (VTOL) aircraft.

Tinuku Geely acquires Terrafugia flying car startup

Terrafugia's first gasoline-fueled car has a capacity of two passengers and one trunk equipped with automatic open wings in just minutes to take off. The company is also expanding the TF-X series for four passengers, hybrid engine and take off automatically.

Terrafugia claims the flying car has mileage of about 400 miles and speeds up to 100 mph. The transition uses advanced autonomous flight technology and automated field guidance systems. This startup has raised a total of US$ 5.82 million in five rounds of funding from Semyon Dukach and Transcendent Holdings.

Tinuku.com Geely acquires Terrafugia flying car startup

Geely started business as a refrigerator producer in 1986. The company acquired Volvo Cars in 2010, The London Taxi Company in 2012 and Proton Malaysia in May. The company held Terrafugia acquisition talks last year.

The future of VTOL market has certainly been very profitable. Transport companies need to be well positioned to take advantage of this opportunity. Terrafugia founded by a group of MIT graduates in 2006 is truly the first practical fly designer in the world.

Currently they receive a US$10,000 deposit from the buyers to buy it. They are projected to hit roads and air in the next three years with an estimated price of US$279,000 per unit.

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