Volvo’s parent company just bought a ‘flying car’ startup

In another huge confidence boost for the nascent “flying car” industry, Volvo’s Chinese parent company announced today that it has completed its acquisition of Terrafugia, a startup founded by MIT engineers and MBA students.News of the purchase first leaked back in July, when the South China Morning Post reported that China’s Zhejiang Geely Holding Group Co. was considering adding the 11-year-old Terrafugia to its portfolio. Neither company confirmed the acquisition until