techkenyot.com
techkenyot.com November 18, 2017


Group Lotus owner snaps up flying auto maker

14 November 2017, 04:35 | Hattie Nash

Flying car company Terrafugia bought by China's Geely

Group Lotus owner snaps up flying car maker

The acquisition of Terrafugia by Zhejiang Geely Holding Group has received approval from the U.S. government with the first unit to be rolled out in 2019.

The Chinese auto giants, Geely, have announced that they have purchased flying vehicle developers, Terrafugia.

Terrafugia's TF-X, the company's future product, is a plug-in hybrid vehicle with two tilt-rotors that aims to become the first fully autonomous flying auto, with vertical take-off and landing.

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EBITDA margin shrunk to 21.4 per cent from 29.6 per cent, while service revenue dropped about 16 per cent to Rs 19,002 crore. Data traffic on its mobile network also grew as the company unleashed a host of data benefits under bundled data schemes.

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.

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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.

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