The Zhejiang Geely Holding Group has completed the purchase of flying vehicle developer Terrafugia for an undisclosed price, and the Woburn, Massachusetts-based company will remain in the United States, according to Automotive News.
The two companies plan to utilise their respective expertise to further the development of flying cars, with Terrafugia already having tripled its United States engineering team as part of an expansion ahead of the takeover.
Terrafugia was set up by graduates from the Massachusetts Institute of Technology in 2006. In recent months the company has been aggressively scaling up its engineering force in preparation of the acquisition from Geely.
According to The Verge, Terrafugia's flying auto model, named Transition, a road-ready prop plane with retractable wings, received approval from the US National Highway Traffic Safety Administration in 2012, essentially making it street-legal there.
Chris Jaran, Terrafugia's newly appointed CEO, said the expansion of the company's R&D capabilities would be prioritized, according to Xinhuanet.
Drinking coffee may decrease risk of heart failure, stroke
In this case, red meat consumption was identified as a potential risk factor, although here, the correlation was less striking. Foods to avoid include refined carbohydrates, foods high in added sugars, trans fats, saturated fats and processed meats.
Meanwhile, Terrafugia founder Carl Dietrich is staying on as the company's chief technology officer.
The Chinese automotive giant, which also owns Volvo, said Terrafugia would benefit from its significant expertise and track record of innovation across the globe.
Li Shufu, founder and chairman of Zhejiang Geely Holding believes that "Terrafugia is ideally positioned to change mobility as we now understand it and herald the development of a new industry in doing so". Shares in Geely Automobile Holdings, the Chinese company's core Hong Kong-listed subsidiary, soared to an all-time high of 28.4 Hong Kong dollars, immediately following the announcement on Tuesday.
However, the company did not disclose any financial details concerning the deal, The China Daily newspaper reported today. Geely isn't even the first automaker to be associated with flying cars.
Rachakonda Police Commissioner Mahesh Bhagwat transferred him to the commissionerate headquarters as departmental punishment. The incident reportedly took place about four-five months ago at the armed reserve headquarters in Jogulamba Gadwal district.
Just yesterday we reported on the unresponsive Google Assistant issues and touch near the edges of the smartphone . Users say the photos and videos captured in such an environment end up displaying major banding.
Taylor sat down at the piano to sing the heartfelt song and was accompanied by just an acoustic guitar and some backup singers. It's pretty raw stuff, especially from a host who's often accused of being somewhat one-note and superficial.
The trio then used USA financial institutions to funnel millions of dollars to secret offshore accounts, prosecutors allege. Prosecutors haven't disclosed the names of their cooperators because of attempts, they say, to intimidate witnesses.
At 4.30 am ET, the Office for National Statistics is slated to issue United Kingdom consumer and producer prices for October. The euro zone economy grew as expected in the last quarter, according to official data released on Wednesday.
More than 3,900 people have been killed in a war on drugs that Mr Duterte declared when he took office past year . Ms Ardern will meet Rodrigo Duterte later this evening after the East Asia Summit finishes in Manila .
The Income Tax department has, however, denied any political links and claimed the raids to be a part of the "clean money drive". The official added that more people would be summoned as and when required to bring the raids to a logical conclusion.
Despite almost putting up triple digits on the scoreboard Friday, the Spartans finished only 3-of-12 from beyond the arc. Michigan State opened the season with a 98-66 win over North Florida behind Bridges' 20 points and 10 rebounds.
The new version is two and a half times stronger than its paper counterpart (and is better at surviving the washing machine). Its days have been numbered since the new polymer tenner, depicting author Jane Austen, entered circulation in September.
Diggs said he wanted to pay homage to service members, but the Vikings were penalized 15 yards for unsportsmanlike conduct. The Vikings gave up almost double the 16.9 points they had allowed per game during the first half of the season.
Vodafone shares soar on outlook boost
Shares in Vodafone were trading up 5 percent at 1005 GMT, having earlier hit a three month high of 227.50 pence. Vodafone had taken an impairment of 5.0 billion euros on its Indian activities in the first half of 2016.
Body found near sites of 3 unsolved Tampa slayings
The area where Felton's body was found is close to where three other murders occurred in Seminole Heights last month. On Oct. 9, victim Benjamin Mitchell, 22, was waiting for a bus on North 15th Street and Frierson Avenue in Tampa.
Women, revamp your diet today. You're more prone to diabetes
It is a small, white, circular patch which monitors blood sugar levels and will warn her when she has to inject insulin. Why does blood sugar matter? Below is a list of five such foods that can help you bring down your blood glucose levels.
Packers top Bears for first win with Brett Hundley
Third-string running back Jamaal Williams replaced Montgomery in the second half with the Packers clinging to a 10-6 lead. There was a sense of loss beyond the final score of the Bears' 23-16 defeat to the Packers at Soldier Field on Sunday.
Trump lands in Philippines, final stop in Asia
His government says the police act in self-defense, but critics say executions are taking place with no accountability. More than 3,900 people have been killed in a war on drugs that Mr Duterte declared when he took office a year ago .