You can own flying car soon; Chinese company gets closer to making futuristic car a reality

Zhejiang Geely Holding Group has acquired Terrafugia Inc which aims to deliver its first flying car to the market in 2019.

If you are vexed by the ever-growing traffic snarls that leave you stuck on the roads for hours together, this news might be a ray of hope for you. Flying cars that are often seen in sci-fi movies may soon hit the roads (and skies as well) if all everything goes well, and it can be as early as 2019.

Chinese company Zhejiang Geely Holding Group has acquired next-generation transportation startup Terrafugia Inc which aims to deliver "its first flying car to the market in 2019, with the world's first VTOL (vertical take-off and landing) flying car being made available by 2023."

Also read: World's first flying car ready for takeoff; up for pre-order

The deal has received approval from all relevant regulators, including the Committee on Foreign Investment in the United States (CIFIUS).

Officials at Terrafugia have said that the move could facilitate the commercial rollout of the ambitious project.

"The support that Geely has pledged to make Terrafugia's vision of a flying car a commercial reality is unprecedented, and I assume this role with full of confidence for the future, with our first priority being the expansion of the company's R&D capabilities," said Terrafugia CEO Chris Jaran in a statement.

"We started Terrafugia with a vision to change the future of transportation with practical flying cars that enable a new dimension of personal freedom. Now as part of Geely Holding Group I am confident that we can reach that vision and subsequent commercial success by utilising the Groups shared global synergy," added Terrafugia founder and CTO Carl Dietrich.

Zhejiang Geely Holding Group Founder and Chairman Li Shufu said that the company would extend full support to Terrafugia to make its dream of making flying cars a reality.

Terrafugia has claimed that its first flying car would have a cruise range of 400 miles with top speeds up to 100 miles per hour. Those interested in the futuristic cars can reserve it on the company's official site by paying $10,000 as deposit (refundable).