Uber has agreed to sell its Uber Elevate unit to Joby Aviation, Axios has learned from multiple sources.
Between the lines: Uber Elevate was formed to develop a network of self-driving air taxis, but to date has been most notable for its annual conference devoted to the nascent industry.
The sale comes as Uber CEO Dara Khosrowshahi's works to attain profitability, and follows partial sales of Uber's money-losing freight and self-driving units.
- Axios had previously reported that Uber was seeking a buyer.
- Elevate had a helicopter service running in New York City, but suspended those operations during the pandemic. At last check, the unit had around 80 employees.
Santa Cruz, Calif.-based Joby Aviation had previously partnered with Uber Elevate, and has raised over $700 million from firms like Toyota, Intel and JetBlue.
An Uber spokesman declined comment.