I remember on new years this year, I sat back and thought, we are in 2010, that is the future. Growing up, the transition into the 2000's was such a big deal and anything past 2000, seemed like the distant future, now more than a decade in, life is not exactly how I imagined. Perhaps it was the influence of shows like the Jetsons, but I thought we would all be driving flying cars by now and have robot maids. We are not there yet, but Terrafugia might make that a reality soon. They claim that by next year they will be able to start selling personal flying cars and already have buyers. My major question is, how do these integrate into our current transportation system? do they fly above the roads and follow regular traffic rules or have to be given permission from airports to fly? Will this technology transform our transportation system and policies, or merely be a passing fad? I for one, always liked the Jetsons and would like to see some flying cars around, assuming they have low CO2 emissions of course. Is that too much to ask for?
Terrafugia, the Woburn, MA-based company out to produce the first practical flying car—or street legal airplane, to use the company’s term— said today it plans to build its first commercial vehicle next year in the Bay State. But CEO Carl Dietrich also said that while the company hopes to stay in Massachusetts and create hundreds of new jobs, it is considering moving production to other states like Ohio, Kentucky, or Michigan.
The skies were mostly clear, the weather unseasonably warm, and the crowd upbeat as the MIT spinoff, which was a runner-up in the school’s $100K business plan competition in 2006, hosted about 20 politicians, press, and other guests at its headquarters for a much-sought-after update on its plans. Dietrich used the occasion to deliver an optimistic picture of Terrafugia’s future, while also issuing what sounded like part warning, part plea to the politicians present, who included state Senators Steven Baddour (D-Methuen) and Ken Donnelly (D-Arlington).
Here are some highlights from the afternoon:
—Terrafugia will deliver its first commercial car, called Transition, by the end of 2011.
—About 70 customers, mostly private persons, have already reserved Transitions.
—The vehicles will sell for a base price of $194,000.
—Dietrich told the crowd that Terrafugia plans to ramp up production gradually over the next five years, with plans to eventually churn out between 300 and 400 craft annually.
—That level of output has the potential to support in excess of 400 skilled manufacturing jobs and high-tech engineering positions while passing approximately $150 million through to its workforce and suppliers each year, Dietrich said. To read more of this Xconomy article, click here.
Christine Ribeiro is an Associate at MassChallenge, click here to learn more about Christine.
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