Uber to Shutdown US Car Leasing Unit

After mounting losses Uber has opted to shut its subprime auto leasing division

The problem? Being in the vehicle leasing business was harder than Uber imagined. The Journal, citing sources, said the company aims to close or sell most of the business by the end of the year. As many as 500 jobs could be affected, representing roughly 3% of Uber's 15,000-employee staff.

The plan comes after Uber executives were informed that losses were US$9,000 (RM38,569) per vehicle on average. In the wake of Travis Kalanick's resignation as CEO, the company is taking a new look at some of its more cash-losing enterprises in the hopes of becoming more financially responsible. The person said Uber is exploring options that include a partnership or outright sale of Xchange, a reduction in the number of cities it serves, or layoffs in the unit with some employees switching to Uber proper.

The plan comes after Uber executives were informed that losses were US$9,000 (RM38,569) per auto on average, steeply above the previous estimates of around US$500 per vehicle, according to the report.

Country singer Glen Campbell dies after battle with Alzheimer's
Despite releasing over 70 albums over his impressive 50 year career, Glen's biggest hit came in 1775 with Rhinestone Cowboy . Campbell was engaged in the early 1980s to fellow country singer Tanya Tucker , who was more than 20 years his junior.

The WSJ reported last week that Uber knowingly leased defective Honda Vezels to drivers without getting the necessary fixes done beforehand. Two years later the company has decided owning and operating vehicles as it did with Xchange was too capital-intensive to be sustainable.

While Uber has been embroiled in a sea of scandals this year-including an internal sexual harassment investigation, federal investigations into tactics it used to allegedly subvert authorities, the firing of its firebrand CEO, and a high-profile lawsuit over self-driving technology with Google's self-driving auto project-the treatment of Uber drivers has been relatively understated in 2017.

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