Those reports from the summer that Volvo's parent company had snapped up flying car startup Terrafugia? They were true. Geely has officially completed its acquisition of Terrafugia, turning it into a fully-owned subsidiary of the Chinese automotive giant. Terrafugia will remain based in the US and will continue working on flying cars, but it will have Geely's deep pockets and automotive experience to back it up. It's also taking on a new board of directors that includes a mix of veteran Terrafugia backers, Geely execs and Bell Helicopter's managing director for China.