Volvo’s Parent Company Just Bought a ‘Flying Car’ Startup
In another huge confidence boost for the nascent “flying car” industry, Volvo’s Chinese parent company announced today that it has completed its acquisition of Terrafugia, a startup founded by MIT engineers and MBA students.
News of the purchase first leaked back in July, when the South China Morning Post reported that China’s Zhejiang Geely Holding Group Co. was considering adding the 11-year-old Terrafugia to its portfolio. Neither company confirmed the acquisition until today, when they issued a joint statement announcing their intention of making flying cars “a reality.” At the time, the idea of Volvo’s parent company trying to build and sell flying cars had many people scratching their heads. And I have no doubt the number of itchy scalps will grow tenfold now that the deal is done.