FutureFlight
Odds Narrow For Divestiture of Uber Elevate to an eVTOL Aircraft Developer
Self-driving vehicle specialist Aurora is taking a majority stake in Uber's Advanced Technologies Group.
Uber Elevate
Uber Elevate has selected eight partners to provide aircraft for its planned Uber Air services, but will all of them stay onboard if one of the group takes a controlling stake in the venture? (Image: Uber)

Uber Technologies is offloading majority ownership in its Advanced Technologies Group to automated vehicle group Aurora. The deal, which was announced on December 7, has further fueled speculation that Uber is also close to selling or partially divesting its Uber Elevate urban air mobility division (UAM) in a bid to stem ongoing losses.

The full terms of the equity swap deal with self-driving-technology group Aurora have not been disclosed, but Uber has confirmed it will invest a further $400 million in ATG and retain a 26 percent stake. According to reports in Reuters, the settlement values ATG at around $4 billion, which represents a steep drop from the $7.25 billion valuation in 2019 when the company raised $1 billion from investors, including Toyota Motor Corp and SoftBank Group Corp.