Geely buys American flying-car developer

Chinese automotive manufacturer Zhejian Geely has acquired Terrafugia, a developer of flying cars based in the U.S.

The purchase price has not been announced. All relevant regulators in the U.S. and China have approved the sale. The company will remain based in the U.S.

The ultimate goal for Terrafugia, an MIT spinoff founded in 2006, is to develop a mass-market electric flying vehicle. It aims to market its first flying car by 2019, and hopes to launch a VTOL (vertical take-off and landing) vehicle by 2025.