The Wall Street Journal: Uber to end car-leasing business in U.S. after massive losses

Uber Technologies Inc. is winding down its U.S. auto-leasing business, according to people familiar with the matter, after the ride-hailing company discovered it was losing 18 times more money per vehicle than previously thought.

The Xchange Leasing division — begun two years ago to attract drivers whose credit prevented them from getting their own cars — had been estimating relatively modest losses of $500 per vehicle on average, these people said. But managers recently informed Uber executives and board directors that the losses were actually around $9,000 per car, or at least half the sticker price of a typical leased vehicle.

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