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Uber Technologies Inc. plans to wind down its U.S. subprime car-leasing division to stem unsustainably high losses, according to people familiar with the matter, a major retreat just two years after starting the business. The ride-hailing company is aiming to close out or sell most of the business by year-end, these people said.

Uber has confirmed it is shutting down its U.S. auto-leasing business known as Xchange Leasing, which will affect about 500 jobs. According to a news report in The Wall Street Journal, the move.

Uber to shut down its car-leasing business in US, 500 jobs in danger "We have decided to stop operating Xchange Leasing and move towards a less capital-intensive approach," the company said.

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Uber, which under new CEO Dara Khosrowshahi is trying to pare back its losses, is shuttering its car-leasing program after realizing it was losing 18 times the amount of money per car than it expected to, Recode has confirmed.

The Uber app. Uber (Reuters) – Ride-hailing firm Uber Technologies Inc [UBER.UL] on Wednesday said it is shutting down its U.S. auto-leasing business. "We have decided to stop operating Xchange.

Business. Uber Shuts Down US Car Leasing Program After Losses Reportedly Hit $9000/Car. By Rishabh Jain. Until its shutdown, Xchange Leasing was available in 19 U.S. states. At least 500.

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Car leasing companies are focussing on integration of electric vehicles in their fleet to meet the future demand. Cab Aggregator Market Declared Illegal: The Cab aggregator market is expected to shut.

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On Wednesday, Uber announced it is shutting down its U.S. auto-leasing business Xchange Leasing. In 2013, the company partnered with GM, Toyota, and several unnamed financial institutions to launch a leasing program that would reduce drivers’ monthly payments and get them on the road faster.

(Reuters) – Ride-hailing firm Uber Technologies Inc [UBER.UL] on Wednesday said it is shutting down its U.S. auto-leasing business. "We have decided to stop operating Xchange Leasing and move.

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