(Reuters) -Joby Aviation, an electric passenger aircraft developer, said on Tuesday it would take over Uber Technologies Inc’s flying taxi unit, the second cash-burning business the ride-hailing company sold off in two days.
Joby did not disclose the terms of the deal, but said Uber had also agreed to invest a further $75 million in Joby, bringing its total investment to $125 million.
Uber on Monday announced the sale of its self-driving unit to autonomous vehicle startup Aurora in a move it said would accelerate the ride-sharing company’s goal to achieve profitability.
Uber’s aerial ride-hailing program, Elevate, began in 2016 and its team until earlier this year promised the launch of flying taxi services in Los Angeles, Dallas and Melbourne in 2023.
Uber and Joby on Tuesday said they would integrate the other company’s services into their own app to allow customers to book seamless ground and air transportation in the future.
(Reporting by Uday Sampath in Bengaluru, Tina Bellon in New YorkEditing by Shinjini Ganguli and Matthew Lewis)
The post Joby Aviation takes over Uber’s air taxi business, Elevate appeared first on Morningology.
