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Uber Sells Flying Taxi Division to Joby in Broader Retrenchment

Dec. 8, 2020, 9:05 PM

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 ...

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