The Terrafugia flying car, created a decade ago by a handful of MIT grads, just made another huge leap toward becoming an actual product thanks to its new owner. The South China News reported that Geely, the company that also owns Volvo, agreed to acquire Terrafugia. Reports indicate Geely was particularly interested in the Terrafugia’s FAA approval last year allowing the transforming car to be certified as a light sport aircraft. The exemption means Terrafugia can create a road- and air-legal vehicle that weighs up to 1,800 pounds.
Terrafugia’s Transition model, the company test vehicle, claims a range of 400 nm at a top speed of about 90 knots, while the more futuristic TFX, incorporating both gas and electric propulsion systems, is expected to fly as far as 500 nm at 180 knots. The Transition air/car’s wings fold back to allow the craft to fit in a standard single-car home garage. The TFX will use ducted fans for vertical lift like a helicopter, to supplement the standard 300 hp gasoline engine.
The purchase price for the Terrafugia company was not announced.