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Terrafugia, seeking $30M in funding, plans to have first flying cars ready in two years
www.bizjournals.com ^ | Jun 3, 2014, 7:04am EDT | David Harris Tech Editor- Boston Business Journal

Posted on 06/04/2014 10:07:38 AM PDT by Red Badger

The idea of a flying car might seem like something out of a science fiction novel, but it may soon become a reality.

All it'll take is about $30 million in funding and some patience.

Terrafugia, a Woburn manufacturer of flying cars has been working on its vehicles for almost eight years. The MIT-born company has been working on two kinds of cars: the Transition, which is scheduled to be released in mid-2016 and can fly at speeds of up to 100 miles per hour at up to 10,000 feet in the air; and the TF-X, a semi-autonomous plug-in hybrid vehicle which is currently in conceptual design phase and can take off and land vertically and can fly at speeds of up to 200 miles per hour. The TF-X does not have a price tag yet and will take about 8 to 12 years before it's a reality.

The Transition, now in its third and final prototype, requires a driver to have a sport pilot certificate, meaning about total 20 hours of training. Already, 100 customers have pre-ordered the vehicles, which have a total price tag of $279,000. That's almost $30 million in pre-orders.

Terrafugia CEO Carl Dietrich said the average customer is retired or semi-retired. They're also interested in the vehicle for recreational purposes, he said. Or they fit in another category entirely.

"Many were promised a flying car when they were younger and now they can get one," said Dietrich.

It hasn't been an easy road for Terrafugia or its promise of flying cars.

In 2010, the Boston Herald reported that the Federal Aviation Administration granted the company an exemption from rules that allow a maximum takeoff weight of 1,430 pounds for the Transition. That's 110 pounds above the limit for the FAA's light sport aircraft category. The Herald also reported the car would be in production in 18 months — that was almost four years ago. Last year, the vehicle made its first public flight.

Dietrich said a few things had to happen before the company could start production. First, the company needs to raise more money. By Dietrich's estimates, another $30 million, which would be in addition to the nearly $13 million its already raised from various angel investors. It's also got to successfully complete its final prototyping phase.

Last month, Terrafugia brought on Alex Min, previously vice president of business development at Textron Defense Systems, as its chief marketing and sales officer. Dietrich said Min's main task in the coming months will be secure more capital for the company, which has about two-dozen employees and will most likely hire more in the coming years as it ramps up for production.

Dietrich said that four years after the Transition officially launches, the company could generate $100 million to $200 million in sales, according to its own projections.

"It's a very exciting time for the company right now," said Dietrich. "We really do see Terrafugia as the next Tesla."


TOPICS: Business/Economy; Hobbies; Military/Veterans; Science
KEYWORDS: aircraft; automobile; aviation; flyingcar; jetsons; terrafugia; tfx
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To: Rinnwald

....with clear plexi helmet


21 posted on 06/04/2014 10:35:34 AM PDT by Revelation 911
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To: Red Badger

“Just make the buyer sign an agreement that the mfr will not be held responsible for anything untoward happening while flying the plane....................”

I studied several of the landmark cases in Business Law. One was a plane built in the 1950’s with a carburetor (I want to say it was a Navione (sp?)) It had been through several owners. The carburetor iced up and the plane crashed. The court held that since fuel injection existed when it was built that the manufacturer was liable. You can’t sign your ability to sue away. (Which is why I snicker when people hand out those waivers.)


22 posted on 06/04/2014 10:35:50 AM PDT by Gen.Blather
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To: Steve_Seattle

An autogyro would seem more practical..................

23 posted on 06/04/2014 10:35:53 AM PDT by Red Badger (Soon there will be another American Civil War. Will make the first one seem like a Tea Party........)
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To: Resolute Conservative

Not to mention all we senior citizens. Wonder if there will be an orange flag flying like they put on golf carts if the player has a disability.

Would be great if we could have enough room for a tail gunner so we can just shoot down anyone who gets in our way. LOL

Going to give a whole new meaning to the mile high club.


24 posted on 06/04/2014 10:36:55 AM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: Red Badger

Needs a couple of hellfire missiles and a minigun


25 posted on 06/04/2014 10:37:16 AM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: GeronL

It probably couldn’t even take off with ONE hellfire missile, let alone two with a mini-gun...............


26 posted on 06/04/2014 10:38:24 AM PDT by Red Badger (Soon there will be another American Civil War. Will make the first one seem like a Tea Party........)
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To: Red Badger

Three simple words: air traffic control.

Until that problem is solved, the easier technical problem of making safe flying personal vehicles is pointless.


27 posted on 06/04/2014 10:38:58 AM PDT by kevkrom (I'm not an unreasonable man... well, actually, I am. But hear me out anyway.)
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To: GraceG
"It would actually be better for the environment, as there wouldn’t be these giant heat sinks called asphault and concrete highways that soak up the heat."

This isn't a vertical take-off vehicle, so you would still need to take off from an airstrip, and you would need to drive the vehicle to that airstrip via a road or highway. Because of that, I don't really see a market for this other than as a rich-guy's toy: "Hey, let me show you my flying "car". The only advantage of a flying car would be if you could take-off and land from your own residence. Anything else is just another kind of airplane, i.e., a plane with folding wings that you could theoretically drive on the highway; but why would you want to?
28 posted on 06/04/2014 10:39:16 AM PDT by Steve_Seattle
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To: kevkrom

Well, you can always opt for one of these...................

29 posted on 06/04/2014 10:40:18 AM PDT by Red Badger (Soon there will be another American Civil War. Will make the first one seem like a Tea Party........)
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To: Red Badger

lol


30 posted on 06/04/2014 10:41:43 AM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: Red Badger
"An autogyro would seem more practical.................."

Haven't seen that one, but - yes - that makes more sense as a "fly to your own house" concept. But you couldn't drive it on the road.
31 posted on 06/04/2014 10:41:48 AM PDT by Steve_Seattle
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To: Grams A

The senior citizen model comes with the left turn blinker hard wired in the on position.


32 posted on 06/04/2014 10:44:18 AM PDT by wrench
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To: Steve_Seattle

You can fly it IFR......................I Follow Roads....................


33 posted on 06/04/2014 10:45:18 AM PDT by Red Badger (Soon there will be another American Civil War. Will make the first one seem like a Tea Party........)
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To: Red Badger

thrtee words explain why this cannot work: Air Traffic Control


34 posted on 06/04/2014 10:46:22 AM PDT by camle (keep an open mind and someone will fill it full of something for you)
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To: Red Badger

I don’t think we will ever arrive in a Jetsons’ world where everyone has their own personal flying saucer. People would constantly be crashing into trees and telephone wires and other people’s houses and each other. It would be an air traffic control nightmare. It’s a nice fantasy though.


35 posted on 06/04/2014 10:48:06 AM PDT by Steve_Seattle
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To: Red Badger

Having thought about it a bit, the only advantage I can see for the flying car is that you could drive it to your house and store it there, as opposed to paying the fee to keep it parked at an airport. Even then, you would need a good-sized lot and probably wouldn’t want to live very far from the airport.


36 posted on 06/04/2014 10:53:56 AM PDT by Steve_Seattle
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To: Steve_Seattle

Everyone would need a heliport on their roof. Building codes and zoning laws would have to be greatly amended...............


37 posted on 06/04/2014 10:57:04 AM PDT by Red Badger (Soon there will be another American Civil War. Will make the first one seem like a Tea Party........)
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To: Red Badger

I just learned that the rotor is passive. I wonder how safe it is. It seems to have decent speed, economy, and range.


38 posted on 06/04/2014 11:01:53 AM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: Red Badger
Ah, a new, more exciting, dramatic and sure-fire way to get oneself killed.
Ain't we an inventive and CUTE species?
39 posted on 06/04/2014 11:03:16 AM PDT by cloudmountain
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To: Red Badger

Your photo reminds me of a .007 movie.


40 posted on 06/04/2014 11:03:44 AM PDT by cloudmountain
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