Uber in advanced talks to sell air taxi unit: Axios

FILE PHOTO: An Uber logo is shown on a rideshare vehicle during a statewide day of action to demand that ride-hailing companies Uber and Lyft follow California law and grant drivers "basic employee rights'', in Los Angeles, California, U.S., August 20, 2020. REUTERS/Mike Blake

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.

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.

(Reporting by Eva Mathews in Bengaluru and Tina Bellon in New York; Editing by Devika Syamnath)