Joby Aviation is acquiring Uber’s Elevate as the ride-hailing giant continues to shed divisions during the pandemic

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Electric air taxi startup Joby Aviation will acquire Uber’s Elevate division in yet another sell-off from the ride-hail giant during the pandemic, the companies announced Tuesday.

The sale comes just four years after Uber launched Elevate as a way to promote “urban air mobility” with flying cars and electric vertical take-off and land vehicles, or eVTOLs, that allow riders to fly over cities instead of driving through them.

Uber will instead become a stakeholder in Joby Aviation with a $75 million investment in the company, a common theme of Uber’s recent sales during the pandemic as read more ⇒

Source:: BusinessInsider.Com