Uber may cut jobs as it abandons car-leasing business

Platform Software | San Francisco, CA

Uber is planning to shut down its subprime car-leasing unit, per The Wall Street Journal. The move could result in layoffs for about 3% of the ridehailing giant's 15,000 employees. Uber introduced its Xchange Leasing division in 2015 to attract drivers who were unable to buy their own cars, but it has experienced bigger losses than expected—about $9,000 per car, compared to an earlier estimate of $500 per car. The company reportedly plans to close or sell the business by the end of the year.

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