Volvo’s parent company, Zhejiang Geely Holding Group Co., has officially announced that it has acquired Terrafugia, a flying car startup founded by MIT engineers and MBA students. This means we could see the Terrafugia TF-X sooner than later. This four-seat hybrid gives you the ability to drive on roads and highways and fly through the air seamlessly. Simply tell it where you want it to fly, and it will use its twin electric motor pods and a megawatt of power to auto-pilot you to your destination. It has a 200mph flying cruise speed and a range of 500 miles. Continue reading for another video and more information.”Terrafugia will also benefit from Geely�s largesse, which was able to transform Volvo from a distressed property purchased from Ford in 2010 to one of the world’s leading automakers. The Hangzhou, China-based company also owns The London Taxi Company, which operates that city�s iconic black cabs, and large chunks of Malaysia’s Proton and the UK’s Lotus,” reports The Verge.