Zhejiang Geely Holding Group has announced it will acquire all operations and assets of Terrafugia Inc, a U.S.-based flying car developer.
Geely did not disclose the volume of the deal, which has received approval from all relevant regulators in the United States, it said in a statement Monday.
Geely has promised investment in Terrafugia to make the flying car a reality.
Founded in 2006, Terrafugia aims to deliver its first flying car to the market in 2019 and release the world's first flying car with vertical take-off and landing by 2023.
With more than 60,000 employees worldwide, Geely sold more than 1.3 million vehicles in 2016, with Volvo Car sales exceeding 530,000.
