Volvo's parent company buys flying car startup Terrafugia 
nSwedish automaker Volvo's parent company Geely has acquired American startup Terrafugia, which is working on a flying car. Terrafugia is one of the first firms to create a working prototype of a vertical takeoff and landing vehicle which it calls 'Transition'. The flying car claims to have a range of 643.7 km with a top speed of about 161 kmph.