Terrafugia Partners with CEVT to Bring Flying Car to Market

WOBURN, Mass., May 1, 2018 /PRNewswire/ -- Terrafugia Inc. announced its partnership with CEVT (China Euro Vehicle Technology AB) to collaborate on a variety of developments to bring the first flying car to market. Zhejiang Geely Holding Group (Geely Holding) acquired Terrafugia in Fall 2017, extending access to collaborate with its subsidiary companies.

"The combination of CEVT's advanced engineering capabilities and automotive experience with Terrafugia's expertise in innovative air mobility will take Geely to the sky providing vehicles for both ground and air transportation," said Chris Jaran, CEO of Terrafugia.

CEVT is supporting Terrafugia's first vehicle, the Transition®, with the development of a clutch-box, advanced CAE analysis and high-tech safety systems. With this relationship, Terrafugia will benefit from the long automotive engineering experience and expertise in Gothenburg and Sweden.

CEVT was established by Geely Holding in 2013 as an engineering and development center for future C-segment cars addressing the needs of both Volvo Cars and Geely Auto Group. Today, CEVT is Geely's leading innovation and development center in Sweden.

"At CEVT we have some of the best skilled resources in the mobility engineering disciplines. We have until now mainly been focusing on developing amazing new cars. With this new collaboration we see a huge advantage and opportunity taking our experience into new fields of mobility transportation. Terrafugia is a very exciting project for CEVT and we feel proud to be given the opportunity to support this collaboration," says Mats Fägerhag, CEO of CEVT in Sweden.

For more information on the Transition® visit http://www.terrafugia.com/the-transition/.

About Terrafugia, Inc.:
Terrafugia, Inc. is a wholly-owned subsidiary of Zhejiang Geely Holding Group (Geely Holding), a global automotive group that owns several well-known international automotive brands. Founded in 2006 by five award-winning MIT graduates, Terrafugia's mission is to create practical flying cars that enable a new dimension of personal freedom. Today, Terrafugia's team of experienced engineers, designers, certification experts, and business professionals combines aviation and automotive expertise in pursuit of a common vision to disrupt the transportation industry. Terrafugia's first product, the Transition®, will enter the market in 2019. Terrafugia's next generation concept is the TF-2, a VTOL aircraft for cargo and passenger loads. To learn more please visit, www.terrafugia.com. 

SOURCE Terrafugia, Inc.

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