Toyota Motor Corp. has always been one of the world’s leading automobile companies. And their innovative technology has definitely earned them that spot in the automobile industry. However, their latest company decisions have investors excited and concerned at the same time.
This is because Toyota has given up all of their stake in Tesla Motors Inc. According to Bloomberg, the Japanese company had apparently sold all of its stock to entrepreneur Elon Musk, CEO of Tesla back in 2016 which was around 1.43% of their company as of July of that year.
A spokeswoman from Toyota had explained that the sale means that this would be the last of the companies’ dealings, which started all the way back in 2010. The first of these dealings involved Toyota buying into Tesla’s eco-driven operations for $50 million, according to Bloomberg reports. They even sold one of their own disused factories in California to them as an added bonus. After collaborating with Tesla to create an electric RAV4 to no avail, however, Toyota chose to enter the movement to promote electric cars in the US alone.
Now, Toyota had recently invested in yet another special kind of startup in the automobile industry. Toyota has invested around ¥42.5 million, or $386,000, to a Japanese startup named Cartivator Resource Management, according to Quartz. The company has 30 people currently employed, but it has a very big goal: to create a cool new vehicle called the SkyDrive, a flying electric car.
Source: Worldless Tech
The vehicle would be approximately 9 and a half feet, which is small. But you have to take into account that it has to be small in order to fly. In fact, it can fly up to around 62 miles per hour, while hovering up to 33 feet above the ground. On the ground itself, it can reach speeds of up to 93 miles per hour, according to Cartivator and BBC News. The company’s website says that their goal is to provide people in developing countries with a useful form of transportation. The lack of infrastructure in these countries with normally leave them stuck with traditional vehicles. But with the SkyDrive, roads should no longer be a problem. They also wish that their vehicles will boost these countries’ economic growth.
Source: Forbes, Cartivation
“By 2050 we aim to create a world where anyone can fly in the sky anytime and anywhere,” the team writes. “To realize our vision, a compact flying car is necessary with [vertical] takeoff and landing technology, which do not need roads and runways to lift off.”
If the company is successful, the vehicle shall be showcased, flying in its full glory in the 2020 Olympics in Tokyo. It’ll be the one lighting the huge ceremonial torch.
The vehicle looks pretty darn neat, and we can’t wait to see it in action. Hopefully, it’ll be ready within the next 3 years. Until then, we just have to wait.