Uber to Sell its Flying Taxi Business 'Uber Elevate'

Uber Technologies has been in talks with aerospace firm Joby Aviation to sell its air taxi business, "Uber Elevate", reveals the news website Axios on Wednesday.

However, Uber was not available for any comments. The company's shares rose by six percent following the news outbreak.
In January, Hyundai Motor has announced a partnership with Uber Elevate in developing electric air taxis. After suffering a drastic impact of COVID on its business, the company has cut 23 percent of its workforce in May as part of aggressive cost cuts and has pledged to focus on its core ride-hiding and food-delivery businesses.
Currently, Uber has been working on various other businesses, that include the development of self-driving cars, freight logistics network, and the Elevate project.
On the other hand, the company is also in talks to sell its self-driving business. Uber is also planning to augment its EV vehicles and targets about 3,000 EV vehicles that includes two-wheeler, three-wheeler, and four-wheel vehicles.

Prabhjeet Singh, President–Mobility, Uber India, and South Asia says, “Gross booking for autos in Mumbai have bounced back 150 percent of pre-COVID levels, this is 100 percent in Chandigarh and 85 percent in Hyderabad. Uber’s inter-city travel has seen a 70 percent recovery.”

In November, Uber began bolstering its EV fleet by adding 100 e-rickshaws in Delhi and by 500 in Kolkata. The company is seeing to expand to Tier-II cities where reliance on autos is high and plans to reach 200 cities by the end of December.