HANGZHOU, Nov. 14 (Xinhua) -- Zhejiang Geely Holding Group has announced it will acquire all operations and assets of Terrafugia Inc, a U.S.-based flying car developer.
Geely did not disclose the volume of the deal, which has received approval from all relevant regulators in the United States, it said in a statement Monday.
Geely has promised investment in Terrafugia to make the flying car a reality.
"This is a tremendously exciting sector. We believe that Terrafugia is ideally positioned to change mobility as we currently understand it," said Li Shufu, chairman of Geely.
Founded in 2006, Terrafugia aims to deliver its first flying car to the market in 2019 and release the world's first flying car with vertical take-off and landing by 2023.
Chris Jaran, Terrafugia's newly appointed CEO, said expansion of the company's R&D capabilities would be prioritized.
In anticipation of the transaction, Terrafugia's team of engineers in the United States already tripled over the past quarter, with Geely's support.
According to the agreement, Terrafugia will remain headquartered in the United States and continue to focus on its existing mission of developing flying cars.
Geely said it will create more high-tech jobs in the United States.
With more than 60,000 employees worldwide, Geely sold more than 1.3 million vehicles in 2016, with Volvo Car sales exceeding 530,000.