China’s Zhehjiang Geely Holding Group, the owner of auto manufacturers Volvo and Lotus, has completed its acquisition of roadable-aircraft developer Terrafugia.

With Geely’s backing, the tiny Woburn, Massachusetts, development now intends to deliver its first Transition flying car in 2019 and follow it in 2023 with the electric vertical-takeoff-and-landing (eVTOL) TF-X.

Chris Jaran, former managing director for Bell Helicopter China, has become Terrafugia’s CEO, with founder Carl Dietrich becoming chief technology officer.

Formed in 2006, Terrafugia has struggled to compete development and begin production of the Transition, a two-seat, folding-wing aircraft that can be driven on the road. The company has faced technical and financial challenges developing a vehicle that can meet both aviation and automotive safety requirements.

A proof-of-concept aircraft flew in 2009 and the prototype Transition followed in 2013. In 2016, the FAA granted Terrafugia an exemption to the weight limit on light sport aircraft, clearing the path to production.

“We believe that Terrafugia is ideally positioned to change mobility as we currently understand it,” Geely Holding founder and Chairman Li Shufu said in a statement, adding the company is “committed to extending our full support to Terrafugia . . . to make the flying car a reality.”

The TF-X is to be an electric-powered tiltrotor that, like the Transition, can be driven on the road. Geely may see synergies with Volvo, which has signed a deal to supply up to 24,000 driverless XC90 vehicles to Uber. The ride-hailing giant plans to begin eVTOL air taxi test flights in 2020.