Uber in advanced talks to sell air taxi unit: Axios
Last updated on: 03 December,2020 02:12 pm
Its shares rose over 6% following the news.
(Reuters) - Uber Technologies is in advanced talks to sell its air taxi business, "Uber Elevate", to aerospace firm Joby Aviation, news website Axios on Wednesday, citing sources.
Its shares rose over 6% following the news.
Hyundai Motor Co, which in January announced a partnership with Uber Elevate to develop electric air taxis, did not immediately respond to a request for comment.
With Uber’s business rattled by the COVID-19 pandemic, the company cut 23% of its workforce in May as part of aggressive cost cuts and vowed to focus on its core ride-hailing and food-delivery businesses.
Uber has been working on various other businesses, including the development of self-driving cars, the Elevate project and a freight logistics network.
The company is also in talks to sell its self-driving business.