Uber Shutting Down U.S. Car-Leasing Business

Uber Technologies Inc. on Wednesday confirmed it is shutting down its U.S. auto-leasing business, months after it discovered it was losing 18-times more money per vehicle than previously thought.

The ride-hailing firm on Wednesday began informing employees of the decision to close down the business, known as Xchange Leasing, which will affect some 500 jobs, representing roughly 3% of Uber’s 15,000-employee staff. It marks Uber’s...