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Uber to end car-leasing business in U.S. after massive losses

Uber has recently sought to tame losses that totaled more than $3 billion last year alone.

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...