Terrafugia, a startup founded by Massachusetts Institute of Technology (MIT) aerospace engineers and MBA students was purchased by Zhejiang Geely Holding Group Co. This is the same organization that owns Volvo, part of Proton and a majority of Lotus. Now, with no official announcement (or reason why) Zhejiang Geely Holding Group Co now owns a flying car company.
Keep in mind, Zhejiang Geely Holding Group Co has shown flashes of brilliance with some of their purchases. Buying out Volvo saved the car company and, with judicious investment, Zhejiang Geely Holding Group Co helped Volvo become one of the best automakers.
You can read the original South China Morning Post story (here).
It stands to reason that Zhejiang Geely Holding Group Co has serious plans for Terrafugia. While the Terrafugia company built and successfully flew (what appeared to be) a production-ready flying car, they never met any of their target dates for production. It was beginning to look like Terrafugia was about to go belly up.
Perhaps, like Volvo and Proton, the Zhejiang Geely Holding Group Co. sees something in Terrafugia?
Imagine: a flying version of a Lotus (Proton has Lotus) with a Volvo’s interior…
You never know.