Auto Uber Sells Its Flying Taxi Unit to “Joby”

Uber Sells Its Flying Taxi Unit to “Joby”

Uber Technologies sells its flying taxi division to Joby Aviation and invests in the startup. It is the second time this week that Uber has abandoned a sub-unit, as it aims to make a quarterly profit next year, according to Bloomberg. .

Joby will get Uber Eleven, which was working on a flying taxi project that would transport people away from highways and crowded traffic. Uber Eleven operated a helicopter service in New York City, but suspended its flights during the pandemic.

As part of the deal, Uber is investing $ 75 million in Joby, after a previously undisclosed $ 50 million investment in the startup in January.

The deal comes on the heels of a change in Uber’s strategy on the part of CEO Dara Khosrowshahi, abandoning science fiction ambitions and focusing on making money.

In May, Uber led a $ 170 million investment round in motorcycle rental company Lime and awarded the company its bike-sharing business. And earlier this week, Uber sold its self-driving car division to innovation firm Aurora and invested $ 400 million in the startup.

And in November, after Uber reported worsening third-quarter losses, Khosrowshahi sought to reassure investors that the company had a way to make money.

Uber aims to have a quarterly profit by the end of next year.

This brings the total funds raised by the startup to $ 820 million, and “Joby” was valued by investors at $ 2.6 billion earlier this year, according to research firm PitchBook.

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