According to reports, Toyota and its adjoining companies have all agreed to fund and support the project in any way possible. Led by a group called Cartivator, it is being led by Tsubasa Nakamura who won a business contest. It plans to invest 40 million yen ($352,982) in Cartivator, a flying-car project started by a group of its own employees.
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.
Cartivator plans on working on various aspects of the flying vehicle, till 2018 arrives.
Drone technology is being used to power the three-wheeled prototypes, which measure just nine-and-a-half feet by four feet, and have a projected top speed of 62mph.More news: 'Witness Intimidation': Trump May Have Crossed Legal Lines With Comey Tweet
The engineers want to successfully develop a manned flying auto by January 2019.
The Skydrive is a 9.5-foot electric vehicle with four propellers, which Cartivator is claiming as the "world-smallest flying auto".
Target specs on the site suggest that SkyDrive engineers are aiming for a flight speed of about 62 miles per hour at a roughly 33-foot altitude, plus a driving speed of about 93 miles per hour. The Cartivator group has dreams of igniting the Olympic flame during the Olympic summer games of 2020.
And while other multi-billion-dollar firms such as Uber promise to implement the future mode of transportation by the end of the decade, the Japanese automaker has indicated it will have its flying cars in the sky by 2018.