The ride hailing service has sold its Uber Elevate subsidiary to urban aircraft developer and portfolio company Joby alongside a new $75m investment.
On-demand ride provider Uber has invested $75m in Joby Aviation, the US-based developer of a vertical take-off and landing aircraft, through a deal that will involve Joby acquiring its Uber Elevate subsidiary.
Joby is working on an all-electric four-passenger aircraft designed to operate as an airborne urban taxi service capable of flying up to 150 miles on one charge. The Uber deal brought its overall funding to $820m, the company said.
Uber has been working on similar technology but has…
