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Uber sells off its flying taxi unit. Know more

Uber Technologies Inc. and Joby Aviation Inc. has recently announced an expanded partnership in which the Santa Cruz startup gets Uber’s air taxi unit and a big investment. San Francisco-based Uber sold its self-driving vehicle business to Palo Alto-based autonomous driving unicorn Aurora Innovation Inc., while also investing in and partnering with it.

Uber is investing $75 million in Joby and said it made a previously undisclosed $50 million investment. Joby is developing an electric vertical take-off aircraft, had previously raised about $700 million in funding from investors which include Toyota, Intel, and JetBlue. It was valued at about $2.6 billion in January, according to PitchBook Data. “We were proud to partner with Uber Elevate last year and we’re even prouder to be welcoming them into the Joby team today while deepening our cooperation with Uber,” Joby CEO JoeBen Bevirt said in the deal announcement.

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