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Uber is shutting down its auto-leasing subsidiary, CNBC is reporting, as the company’s new CEO Dara Khosrowshahi looks to focus on improving Uber’s profit margin.

“We have decided to stop operating Xchange Leasing and move towards a less capital-intensive approach,” a spokesperson told The Verge.

Uber signaled that it was willing to phase out its car-lending business last month, after The Wall Street Journal reported that the company was losing an average $9,000 per vehicle, which is around 18 times more than the company expected, in addition to being about half the sticker price of a typical leased vehicle.

But at the time, Uber signaled that it wouldn’t completely abandon its…

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