Dec 9, 2020
Uber sells off flying taxi unit
Ride sharing business Uber has sold off its flying taxi unit Elevate to California-based electric aircraft developer Joby Aviation. Under the deal, Uber will also invest and additional $75m in Joby Aviation. Although Uber had promised investors that it will achieve profitability by the end of 2021, the company still reported a $625m loss last quarter. In addition to selling off Elevate, Uber also sold off its driverless car subsidiary to Aurora Technologies on Monday, while taking a 26% stake in the driverless start-up. Driverless technologies were once seen as a key priority for Uber, but the program has faced numerous setbacks.
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