(Reuters) - Uber Technologies is in advanced talks to sell its air taxi business, "Uber Elevate", to aerospace firm Joby Aviation, news website Axios reported bit.ly/37qqMKN on Wednesday, citing sources. Uber did not immediately respond to a Reuters request for comment. Its shares rose over 6% following the news. Hyundai Motor Co, which in January announced a partnership with Uber Elevate to develop electric air taxis, did not immediately respond to a request for comment. With Uber’s business rattled by the COVID-19 pandemic, the company cut 23% of its workforce in May as part of aggressive cost cuts and vowed to focus on its core ride-hailing and food-delivery businesses. Uber has been working on various other businesses, including the development of self-driving cars, the Elevate project and a freight logistics network. The company is also in talks to sell its self-driving business.