Shanghai (ZXZC)- On November 13, Geely announced that it has completed the acquisition of American flying-car startup Terrafugia. According to the statement, Geely will acquire Terrafugia’s all businesses and assets and the deal has been approved by relevant regulatory authorities, including the Committee on Foreign Investment in the U.S.

It is reported that the Chinese automaker has made a detailed plan about the releasing time, manufacturing base and sales expectation of the future products. According to the plan, Terrafugia’s first product will be unveiled in July, 2019 at the EAA AirVenture Oshkosh. It will taxi and take off from the ground and have an Austrian aero engine, which is a common feature for low-altitude aircraft. Its net weight will be 300 kilograms and can carry 4 adults. The maximum speed on the road will be 120 kilometers per hour while the maximum speed in the air will be 200 kilometers per hour. It is said that its price will be around RMB 3 million.

The second product is expected to come in 2023. It can drive on the road, and when traffic jam happens, it can make a vertical takeoff directly from the ground without runaway. The third product will come in 2026 with much smaller size. It features autonomous driving and autonomous flying. Besides, the third product will be electricity powered rather than using a hybrid system.

Terrafugia will have research and development bases in both China and America. The one in China will be located in Geely’s headquarter and be responsible for supporting vehicle technology while the America one will focus on the improvement in airplane technology.

Its first product will be launched in American market first in 2019 and then will go on sale in other markets. The sales target for the first year is 100 and is expected to be doubled year by year.