Japan's top carmaker Toyota said Wednesday it would invest up to 10 billion yen (96 million dollars) in a project to develop and market the country's first ever passenger jet.
Toyota Motor Corp., widely expected this year to surpass General Motors as the world's top automaker, said it was making the investment in Mitsubishi Aircraft Corp., a wholly owned new unit of Mitsubishi Heavy Industries.
"In response to a request from Mitsubishi Heavy Industries Ltd., we have decided to accept up to 10 billion yen worth of increased shares planned by Mitsubishi Aircraft Corp. through a third-party allocation," the statement said.
Toyota is following the ranks of Japan's second-ranked automaker, Honda Motor Co., in expanding its business interests into aviation.