Aircraft

Mass Layoffs Said To Hit Terrafugia Weeks After Its Flying Car Was FAA-Approved

By Eric Tegler, forbes

Most of the U.S. employees of flying car maker Terrafugia have been laid off and it will wind down U.S. operations later this year, sources say, a surprising development that comes shortly after the company received an FAA airworthiness certificate for its aircraft late last month.

Two sources with knowledge of the situation say that roughly 80 to 100 employees at the company’s headquarters in Woburn, Mass., have been let go, and that Terrafugia’s intellectual property and further development of the Transition, a light sport airplane designed to be drivable on roads, are being moved to China by owner Zhejiang Geely Holding Group, which bought the company in 2017.

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