The Zhejiang Geely Holding Group has completed the purchase of flying car developer Terrafugia for an undisclosed price, and the Woburn, Massachusetts-based company will remain in the United States, according to Automotive News. Initial reports of the flying car company’s takeover surfaced in July, following efforts by other firms such as Airbus and Uber who have also explored flying car projects.

Terrafugia was founded in 2006 by a group of MIT graduates, and is understood to be the furthest along among its peers in its development of flying cars. The company is also the latest in a line of Geely’s acquisitions outside its native China, including Volvo seven years ago as well as a more recent purchase of a 49.9% equity stake in Malaysian automaker Proton, and a 51% stake in British sports car maker Lotus.

The US-based company unveiled the Transition in 2012 with a base price of $279,000 at the time, and received Federal Aviation Administration certification last year. According to Terrafugia, the Transition is able to fly at a cruising speed of around 160 km/h, with a ceiling of 10,000 feet, and a maximum range of about 640 km.

Terrafugia more recently showed its next model, the TF-X, which boasts more car-like styling and twin electric motors for a total output of one megawatt (1,341 hp). Capable of vertical take-off and landing (VTOL) and also featuring a 300 hp petrol engine, Terrafugia claims a 322 km/h cruising speed at altitude.

Others, too, have been exploring the idea of flying cars. Aeromobil was said to have a model capable of 160 km/h with an on-road range of 695 km, or 745 km airborne with a maximum speed of 357 km/h, while Toyota also filed patents for a shapeshifting, flying car design.

GALLERY: Terrafugia TF-X