(Reuters) – Uber Technologies is in advanced talks to sell its air taxi business, “Uber Elevate”, to aerospace firm Joby Aviation, news website Axios reported https://bit.ly/37qqMKN on Wednesday, citing sources.
Uber did not immediately respond to a Reuters request for comment.
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.
The company is also in talks to sell its self-driving business.
(Reporting by Eva Mathews in Bengaluru and Tina Bellon in New York; Editing by Devika Syamnath)