Cartivator, which is developing this flying car, said 15 Toyota Group companies – including Toyota Motor Corporation – have pledged 42.5m yen ($325,000) over the next three years to fuel development.
As a result of this investment, Cartivator said it will accelerate technology development, including completion of a manned prototype by the end of 2018. Cartivator also said it intends to release its first model in 2025.
The release said one of the founding principles of Toyota Group is “Monozukuri wa Hitozukuri,” which means, “Developing people through craft of making things,” which inspired the investment.
And, citing a person familiar with the deal, Nikkei reports Toyota Chairman Takeshi Uchiyamada opted to invest because "things will not progress if you wait and provide money only when the technology is ready”.
In addition, Cartivator technical lead Tsubasa Nakamura said: “This activity is an effort to make a dream vehicle – a flying car that gives dreams which [connect] to the next generation…development continues daily to realize the lighting of the Olympic flame to give dreams and aspiration to people all over the world.”
The release says Cartivator is made up of a group of volunteers, including young engineers and professionals involved in startups. It launched in 2012.