Zhejiang Geely Holding Group completed the purchase of Terrafugia, a flying-car developer in Woburn, Mass.
The deal received approval of all relevant regulators in China and the U.S., Geely said. The company did not disclose the purchase price.
Terrafugia will remain based in U.S., Geely said Monday.
Terrafugia expects to deliver its first flying car to the market in 2019. It also plans to launch a vehicle capable of vertical takeoff and landing by 2025.