Uber in advanced talks to sell air taxi unit: Axios

FILE PHOTO: An Uber logo is shown on a rideshare vehicle during a statewide day of action to demand that ride-hailing companies Uber and Lyft follow California law and grant drivers "basic employee rights'', in Los Angeles, California, U.S., August 20, 2020. REUTERS/Mike Blake

(Reuters) - Uber Technologies is in advanced talks to sell its air taxi business, "Uber Elevate", to aerospace firm Joby Aviation, news website Axios reported on Wednesday, citing sources.

Uber did not immediately respond to a Reuters request for comment.

Its shares rose over 6% following the news.

Hyundai Motor Co, which in January announced a partnership with Uber Elevate to develop electric air taxis, did not immediately respond to a request for comment.

With Uber’s business rattled by the COVID-19 pandemic, the company cut 23% of its workforce in May as part of aggressive cost cuts and vowed to focus on its core ride-hailing and food-delivery businesses.

Uber has been working on various other businesses, including the development of self-driving cars, the Elevate project and a freight logistics network.

The company is also in talks to sell its self-driving business.

Reporting by Eva Mathews in Bengaluru and Tina Bellon in New York; Editing by Devika Syamnath