Volvo’s parent company Geely just bought the world’s first flying car maker
In 2017, Volvo is one of the most forward-thinking car brands around, and it owes a lot of success to its parent company Geely. For the last seven years, Geely has stood in the shadows, pumping money into the Swedish car maker and even helping to set up a futuristic spin-off, Polestar – but now it’s on another buying spree. Just two months ago Geely bought Lotus Cars, and today the Chinese giant has bought Terrafugia – the world’s first proper flying car maker.
According toECNS.CN, Geely – or Zhejiang Geely Holding Group to use its full name – signed an agreement with the flying car company earlier today, and some details of the deal appear to have leaked. China Central Television adds Geely will assist with both financial and research support – exactly what a startup like Terrafugia desperately needs.
Created by five MIT graduates in 2006, Terrafugia is currently based in Boston and has been working to mass produce the world’s first flying cars. According to ECNS.CN, the deal has been approved by all U.S regulatory bodies, so it should actually happen.
Geely’s master plan
For the last ten years, Geely has acquired companies in key areas of the car industry, and it’s all part of a long game to remain at the forefront of the automotive sector. Firstly, Volvo is quickly becoming a premium brand, while new off-shoot Polestar aims to capture the EV market, too.
Geely’s recent purchase of Lotus represents a move into the more enthusiast market of the automotive sector, while its acquisition of Terrafugia is clearly part of a much longer game.
Of course, it’s likely that Geely will also be able to share technology between its brands in the future, and with the newly-formed Polestar and Terrafugia both in its stable, it’s well prepared for the future of transport. Fancy a flying Volvo estate? I sort of do, actually.