According to the latest reports, Uber Technologies has initiated advanced talks With Axios in order to sell its air taxi business, “Uber Elevate“, to aerospace firm Joby Aviation, news website Reuters reported.
However, Uber did not immediately respond to a Reuters request for comments on the news. The company’s 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 a number of other businesses, which include the development of self-driving cars, the Elevate project, and a freight logistics business. Uber is also talking to companies to sell its self-driving business.