Terrafugia Inc: 100-Day Update Since Acquisition by Zhejiang Geely Holding Group

Terrafugia Inc: 100-Day Update Since Acquisition by Zhejiang Geely Holding Group

  • Opens new R&D facility in San Francisco Bay Area
  • Creates 105 new jobs representing a six-fold increase in its workforce
  • Developing new prototype of Transition with flying car on track for delivery in 2019
  • Unveils next generation concept, TF-2, that can carry cargo or passengers in detachable pod

27 February 2018, Woburn, MA and Petaluma, CA: Terrafugia Inc is pleased to provide an update on the company’s transformation since it was formally acquired by Zhejiang Geely Holding Group approximately one hundred days ago.

In addition to its headquarters in Massachusetts, which has expanded significantly over this period, Terrafugia has also opened a dedicated R&D facility in the San Francisco Bay Area, allowing it to attract the best talent from across the East and West Coasts of the United States as the company pursues its mission of making the flying car a reality. These investments, backed by a multi-million dollar commitment by Geely Holding, have resulted in the creation of 105 new jobs across both sites and a six-fold increase in its workforce.

Combined with the new technologies and exchange of knowledge afforded to it via Geely Holding’s global industrial footprint, this has allowed Terrafugia to make considerable progress towards the delivery of its first flying car, the Transition. The company is currently developing a new, enhanced, prototype that is scheduled for completion in 2018 with the vehicle on track for delivery to customers in 2019.

The company has also unveiled its new next generation concept, TF-2, a first of its kind flying vehicle comprising a detachable pod that can carry either passengers or cargo. The concept, which was unveiled at the HAI HELI-EXPO 2018 taking place in Las Vegas from February 27 to March 1, is currently in the design stage and Terrafugia is soliciting feedback from potential customers and interested parties. Further information can be obtained by visiting Terrafugia’s booth at HAI HELI-EXPO or http://www.terrafugia-tf2.com/.

Chris Jaran, CEO of Terrafugia Inc, said: “With the support of our shareholder Geely Holding, we have made tremendous progress towards strengthening and enhancing Terrafugia’s operations, which has included opening a new R&D facility just outside San Francisco and assembling a truly world class team of engineers. We are now ideally positioned to realize the company’s vision of creating the world’s first flying car, and are taking practical steps towards this, with the development of a new prototype for the Transition – the delivery of which is currently our primary focus – and the unveiling of a new next generation concept vehicle.”

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