Chinese carmaker Geely, the owner of Sweden’s Volvo and Britain’s Lotus, has purchased flying car developer Terrafugia, according to the South China Morning Post. If confirmed, the deal could position the Hangzhou-based company to enter the embryonic urban air transport market. Terrafugia declined to comment on the report, however. Formed in Woburn, Massachusetts, in 2006, Terrafugia is developing the Transition, a two-seat, folding-wing aircraft that can be driven on the ...

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