Uber, the known taxi service provider prepares to selling its air taxi business, Uber Elevate. The company is already in advanced talks to sell the unit to Joby Aviation, an aerospace based firm.
According to reports, the company had been working on its air taxi unit and had even publicized a business with Hyundai Motor Co back at the start of this year.
This partnership was to develop electric air taxis. At the moment, Uber has yet to comment on the matter of their partnership. Likewise, even Hyundai did not immediately offer a comment regarding this.
Previously in May, the company had to cut 23 percent of its workforce as a part of aggressive cost cutting after its operations were drastically hit by the Coronavirus outbreak.
Since then, it has focused on its core ride hailing and food delivery businesses. Thus, selling the air taxi operations might be due to its inability to manage another project at the moment.
Uber has been known to have already been working on other projects as well, including development of self-driving cars, the Elevate project, and even a freight logistics network.
Though, these might soon be available for sale, as Uber is also in talks to sell its self-driving business as well.
Unfortunately, Uber still did not detailed about its new projects and we will have to wait for an announcement from the company itself.