The Japanese car firm Toyota is ready to invest in flying car projects that are expected to take off by the year 2018.

The company will provide the engineers with £274,000 in order to make the jet-propelled cars that will have the ability to go up to 10 meters from the ground.

The three-wheeled models are using drone technologies in order to be powered. The prototypes measure nine-and-a-half feet by four feet and contains an approximate top speed of 63 mph.

The vehicles named as ‘Skydrive’ has been led by a Japan based crowd funded group called Cartivator. As Nikkei Asian Review informs, a team of Toyota engineers have also been working with the Japanese group voluntarily.

Along with a scheduled manned test flight by next year, the group also hopes to commercialize the flying vehicles in the 2020 Olympics being held in Tokyo.

Moreover, regulators would have to be sure about the safety of the cars before issuing a license and developing innovative laws for the vehicles to be commercialized. Tech giants like Google and Tesla are also said to be interested in this new technology of flying prototypes, reports Independent.

Various organizations in United Stated, Netherlands, Germany and China are making efforts to develop flying vehicles. However, Munich-based group, Lilium has already completed its test flights of five-seater taxi successfully.