Base Read

Uber has sold off its air taxi business

0 123

It is doubtful that following a similar agreement yesterday to transfer its self-driving taxi technology to self-driving car startup Aurora, Uber announced on Tuesday that it had sold its flying taxi service Uber Elevate to Joby Aviation in California.

Joby has already produced electric VTOL aircraft, so it will acquire Uber’s air ride division. In this way, once Joby’s aircraft is FAA certified, start-ups can access Uber’s application infrastructure, and vice versa, basically integrating their respective ground and air applications. This is expected to happen in the next few years and maybe completed in 2023.

Uber

Joe Ben Bevirt, founder and CEO of Joby Aviation, said in a press release issued on Tuesday: “Last year we were honored to work with Uber Elevate, and today we are honored to welcome them to the Joby team.”

Uber CEO Dara Khosrowshahi added: “This transaction allows us to deepen our partnership with Joby, a clear leader in the field, to accelerate the market launch of these technologies. We feel that their transformative mobile solutions have become we Excited. Provided to the millions of customers who rely on our platform.”

The specific details of the transaction have not yet been announced, although Joby did announce that Uber intends to invest another $75 million in Jobby “as part of a broader transaction and as part of an expanded partnership between the two parent companies.” “Uber also invested $50 million in the company last January.

Read this article for free
This article is part of our archive of over 1,000 stories and is only available to subscribers. To get a preview of the work we do, you can enter your email to access the full article.
You can unsubscribe at any time
Leave A Reply

Your email address will not be published.