A technology behind a European designed flying car, known as AirCar, has been purchased by a Chinese firm called Hebei Jianxin Flying Car Technology Company for an undisclosed fee.
A Chinese firm has purchased the technology behind a BMW-powered flying car that has been successfully test-flown in Europe.
The flying car, known as the AirCar, is a Slovakian-designed two-passenger vehicle with four wheels that transforms into a road-legal vehicle on the ground in just under three minutes.
The AirCar comes with a pusher propeller, switchblade-style retractable wings and a telescoping tail. It's capable of flying about 600 miles at a height of 8,200 feet and was developed by Professor Stefan Klein and its co-founder, Anton Zajac of Klein Vision.
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The technology behind the flying car has now been bought by Hebei Jianxin Flying Car Technology Company, headquartered in Cangzhou, Klein Vision has announced.
The firm purchased exclusive rights to manufacture and use AirCar aircraft inside an undisclosed area. The company has built its own airport and flight school after a previous acquisition from another Slovak aircraft manufacturer.
The prototype cost a reported $2.3 million to develop, but it is unclear how much Hebei Jianxin paid for the technology.
"The deal, finalized for an undisclosed amount, marks a strategic move in the advancement of innovative mobility solutions," Klein Vision said in a statement.
"This licensing agreement grants the Chinese company exclusive rights to manufacture and distribute certified flying cars utilizing KleinVision’s cutting-edge technology within a specific geographical region. The Jianxin Group is poised to leverage this groundbreaking technology to redefine transportation standards in China."
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The car has a BMW engine and even runs off petrol-pump fuel, but it takes much more than that for it to take flight into the air.
When on the ground, the vehicle looks like a modern sports car, with the wings folded smoothly down the side – it takes two minutes and 15 seconds to turn into an aircraft from sports car mode, Reuters reports.
AirCar has a fixed propeller at the back, as well as a ballistic parachute for any emergencies.
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Unlike drone-taxis, AirCar is unable to take off or land vertically and requires a runway – similar to a plane. AirCar is only capable of carrying two people with a combined weight of 31 stone, or about 430 pounds.
China is embracing flying car technology. Last year, a "flying car" made by China's Xpeng Aeroht made its first public flight in Dubai.
Meanwhile, a California company that's building a flying electric car started taking preorders last year.
Alef Aeronautics’ flying car has been given a special airworthiness certification from the Federal Aviation Administration (FAA), meaning the company will be allowed to road/air test the car, the company said in a news release.
Fox News’ Gary Gastelu and Reuters contributed to this report.
