Uber to shutter its US auto-leasing business

BENGALURU: Ride-hailing firm Uber Technologies Inc on Wednesday said it is shutting down its US auto-leasing business.

“We have decided to stop operating Xchange Leasing and move toward a less capital-intensive approach,” an Uber spokesperson told Reuters.

The Xchange Leasing business, which has about 40,000 vehicles and 14 showrooms in the United States, had attracted interest from buyers who were considering buying it outright, according to a Reuters report in August. – Reuters