Japanese automaker Toyota and its group companies will invest in a project to develop a flying auto.
Japanese auto giant Toyota will allocate about 350 thousand dollars to create a flying vehicle Skydrive by 2019, reported the Nikkei Asian Review Sunday, may 14.
The Nikkei Asian Review reports Toyota and its group companies have agreed in principle to support the project.
The company is giving about 42.5 million yen ($375,000) to the Cartivator project, which is developing the three-wheeled sci-fi auto that relies on drone technology to take flight.
Toyota and 14 of its group companies plan to speed up the development of the auto.More news: We are closing the gap on the Tories - Corbyn on Labour's results
Flying cars are the latest hot thing. SkyDrive uses drone technology to engage flight and has three wheels for land travel.
Skydrive, measuring 9 1/2 feet by 4 feet, claims to be the world's smallest flying vehicle.
While in the air, it can fly at speeds of up to 100 km/h, whereas on the ground, the top speed is 150 km/h.
A prototype ready for a manned test flight is expected by the end of 2018, with a target to commercialise a flying auto in 2020, to fall in conjunction with the Olympics being hosted in Tokyo, the Nikkei Asian Review reported.