A start-up company which designs futuristic cars has been purchased by Volvo’s parent company. The move means that flying cars could become a reality by 2019.
The US tech firm, Terrafugia was not surprisingly delighted with the cash injection due to the massive investment by new owners Geely. All parties believe that this could speed up the development of flying cars.
In some computer generated images, the vehicle has a two-seater cabin and wings that can be folded away when on the ground but can be operational again in less than a minute.
Investors have said that the vehicle, which will be known as Transition, will cost approximately THB9.1 million and can fly at an altitude of 10,000 feet, have a range of 400 miles and be able to travel at around 100mph.
Terrafugia has trebled the number of engineers it employs in the last few months after Geely confirmed their acquisition of the Boston tech firm founded in 2006.
“This is a tremendously exciting sector and we believe that Terrafugia is ideally positioned to change mobility as we currently understand it and herald the development of a new industry in doing so,” chairman Li Shufu said.
“Our investment in the company reflects our shared belief in their vision and we are committed to extending our full support to Terrafugia, leveraging the synergies provided by our
international operations and track record of innovation, to make the flying car a reality.”
Terrafugia CEO Chris Jaran added: “After working in the helicopter industry for over 30 years, and the aviation industry in China for 17 years, Terrafugia presents a unique opportunity to be at the forefront of a fledgling but enormously exciting industry.”
Officials with the Federal Aviation Administration (FAA) in the US gave Terrafugia an exemption from the special approval which is usually required for a craft that can fly.
Via: Yahoo News