Geely acquires U.S. flying-car developer Terrafugia

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.

Terrafugia, founded in 2006 by a group of Massachusetts Institute of Technology graduates, wants to develop a flying electric vehicle for the mass market. Terrafugia is Geely’s latest acquisition outside its home market in China.

The private Chinese company this year bought a 49.9 percent stake in Malaysian carmaker Proton, along with a 51 percent share in Lotus, Proton's U.K. sports-car brand.

In 2013, it acquired Manganese Bronze Holding, which produces the iconic London taxis. And in 2010, Geely purchased Volvo Car Corp. from Ford Motor Co.