Terrafugia was founded in 2006 by a group of MIT graduates, and is understood to be the furthest along among its peers in its development of flying cars. Geely already tripled its team of engineers in anticipation of the transaction. The company expects to deliver it to the market in 2023. In recent months the company has been aggressively scaling up its engineering force in preparation of the acquisition from Geely.
Geely, which owns a stake in national carmaker Proton, said it had received the necessary approval for the deal, including from the USA government's Committee on Foreign Investment, to take over all of Terrafugia's operations and assets.
Geely says it's investing in Terrafugia to make flying cars a reality.
Chris Jaran, Terrafugia's newly appointed CEO, said the expansion of the company's R&D capabilities would be prioritized, according to Xinhuanet.
Meanwhile, founder of Terrafugia, Carl Dietrich, said: "We started Terrafugia with a vision to change the future of transportation with practical flying cars that enable a new dimension of personal freedom". "Now as part of Geely Holding Group, I am confident that we can reach that vision and subsequent commercial success by utilizing the groups' shared global synergy". It closed the day at HK$28.2, or 6.4% higher than Monday. It produces the Transition flying vehicle and also develops technologies for automated hybrid flying cars, like the TF-X. Geely isn't even the first automaker to be associated with flying cars.
McLaren's new one-off, gold-covered 720S supercar
Based on the new 720S, the company says personalising the vehicle added more than 120 hours to the production process. The most notable personal touch is found on the rear-wing which bears a quote by Bruce McLaren , painted in gold.
Bagley already making history at Duke
This is expected to be a potential national title preview, and it features a plethora of NBA talent as well as storylines galore. Tom Izzo continues to lead great teams, but many think this could be the best team he has had.
China has record number of supercomputers in TOP500
They're used for various things such as weather forecasting, nuclear weapons simulation and even to track space activity. That's more than twice as fast as the world's second fastest supercomputer - which is also developed by the Chinese.
Senior cop caught getting massage from lady home guard
Deputy Inspector General of Police , Hyderabad Range, M Stephen Raveendra has confirmed the reports of the ASI's suspension. Kumar said that Hasan was apparently suffering from a backache and had requested the home guard to give him a massage.
Pixel 2 XL Can't Get Their Display Right
Now, it has come to light that the device's camera isn't playing nice when it comes to surroundings with LED lights on. The Pixel 2 rear camera picks up major banding when taking photos in LED lighting.
FDA approves pill with sensor
The new product, which will be sold as Abilify MyCite, can be swallowed just like any other pill. A resubmission of the new drug application was accepted by the agency in May 2017.
Analysts Alert: Denbury Resources (DNR)
The value of the total investment in Denbury Resources decreased from $176,000 to $149,000 a change of $27,000 quarter to quarter. Parkside Bancorp Trust has invested 0% of its portfolio in Denbury Resources Inc . (NYSE:DNR) to report earnings on February, 22.