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China's Geely buys U.S. startup that makes 'flying cars'

Set up by MIT students, Terrafugia aims for 2019 launch

China's Zhejiang Geely Holding Group has acquired Terrafugia, a U.S.-based startup that is developing "flying cars," like this one called TF-X.

SHANGHAI -- Chinese automaker, Zhejiang Geely Holding Group, will soon have a "flying car" in its portfolio. The company said on Monday that it has agreed to the purchase of U.S. startup Terrafugia that is making the world's first flying car for practical use by 2019, pushing the Hong Kong-listed shares in its subsidiary to an all-time high.

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