Deals
Uber Sells Flying Taxi Division to Joby in Broader Retrenchment
- Uber boosts stake in startup Joby Aviation to $125 million
- Seeking to turn a profit, Uber has shed side projects
This article is for subscribers only.
Uber Technologies Inc. is selling off its flying taxi division to Joby Aviation and investing in the startup, marking the second time this week Uber abandoned a side project as it aims to turn a quarterly profit next year.
Joby will acquire Uber Elevate, the company’s division that imagined a future where air taxis shuttled people above traffic-jammed highways. Uber Elevate had also operated a helicopter service in New York City, but it suspended flights during the pandemic. As part of the deal, Uber is investing $75 million in Joby, after a previously undisclosed investment of $50 million in the startup in January.