Terrafugia announces Chao Jing as new global Chief Executive Officer

New CEO to lead the company into the future

Wobur n, MA April 8, 2019

Terrafugia, Inc. is delighted to announce that Chao Jing has been appointed as the new CEO of Terrafugia as it expands and strengthens its executive management team. Mr. Jing is a professional business leader with extensive experience working in international companies in the U.S., China, Philippines, Singapore, Belgium and Japan. With Mr. Jing as the new CEO and an expanded focus to include near-term market opportunities, the company is poised for commercial success in air mobility.

Mr. Jing said, "I am honored to have been given this opportunity to join the highly innovative company Terrafugia and to set its business strategies for the future." The new structure of the executive management team also includes Huaibing Wang, Terrafugia's new Chief Financial Officer. Mr. Wang has over 20 years of experience in various finance leadership positions in both automotive and industrial businesses.

The Board of Directors announces that Co-Founder and CTO Carl Dietrich has made the decision to move on from Terrafugia effective April 6, 2019.

The Board of Directors expresses their appreciation and thanks to Dr. Dietrich for his service over the past thirteen years as one of the founders of the company and a pioneer in the field of combined flying/driving vehicles. Dr. Dietrich was instrumental to the foundation and growth of Terrafugia, and the Board wishes Dr. Dietrich all the best in his future endeavors.

Terrafugia was founded on and committed to the idea of revolutionizing mobility. The company is focused on continuously investing in and developing technical competencies in both its U.S. and China sites, leveraging its competitive advantages to position the company for future growth in the global market and for long-term success.

Mr. Jing also stated that, "Terrafugia will continue to calibrate its business strategies based on market opportunities, and we look forward to becoming an industry leader with a high focus on customer satisfaction in air mobility."