The company hopes the Skydrive concept will be used to light the flame at the 2020 Tokyo Olympics.

Toyota has pledged financial support for a startup that aims to complete a manned test flight of a flying car by the end of next year.Developed by a few dozen Toyota employees in their free time, the Skydrive concept is among the smallest flying cars at less than 10 feet long and 3.6 feet wide. Like other flying vehicle designs and small hobbyist drones, it employs four rotors to vertically take off and land.

The company expects the vehicle to cruise at up to 62 mph for an hour, with a top speed over 90 mph, according to the Daily Mail.

If the first manned demonstration goes as planned, the startup hopes its Skydrive prototype will be invited to light the flame at the 2020 Tokyo Olympics.

The startup is one of several companies developing flying cars on electric platforms for short-range urban transportation. One rival, Kitty Hawk, is backed by Google's Larry Page.