Toyota, U.S. startup join hands to manufacture electric "flying car"

NEW YORK - Toyota Motor Corp. said Tuesday it has agreed with U.S. "flying car" startup Joby Aviation Inc. to create a joint venture to manufacture Joby-developed electric aircraft.

The alliance between the two companies will "initially focus on establishing the groundwork for commercial production," while also supporting the expansion of Joby's production capacity to meet the anticipated growing demand for similar aircraft, the Japanese automaker said.