Toyota Motor Corp. and 14 affiliates plan to spend ¥42.5 million over three years to support a flying car development team that includes young engineers from the leading automaker, according to informed sources.
Currently, the group of young engineers from the automotive and aviation industries and officials from related startups is working on a car with four propellers that can hover like a drone. It is planning to complete a prototype capable of carrying people by the end of 2018.
The team, called Cartivator, is hoping that its flying car will be used to light the Olympic flame for the Tokyo Games in 2020.
Toyota officials said the company decided to help finance the project to support young engineers.
Flying vehicle development projects are taking off, led mainly by U.S. and European startups.
Major U.S. ride-hailing service provider Uber Technologies Inc. has said it wants to test a flying car by 2020.