Joby Aviation, an electric passenger aircraft developer, said on Tuesday it would take over Uber Technologies Inc’s flying taxi unit, Elevate, the second cash-burning business the ride-hailing company has sold off in two days.
Joby did not disclose the terms of the deal, but said Uber had also agreed to invest a further $75 million in the Santa Cruz, California-based company, bringing its total investment to $125 million. Joby has raised more than $720 million in funding since it was founded in 2009, most of it from Toyota Motor Corp.
