Ford Smart Mobility has acquired Spin, a San Francisco based electric scooter sharing company that provides customers an alternative for first- and last-mile transport.
“The acquisition of Spin is the latest strategic move by Ford in the mobility space, as the company builds a mobility portfolio to help customers get places more easily, more quickly and less expensively,” the automaker said in a statement.
Ford said scooters allow cities to offer an equitable last mile solution to their residents thanks to the relative affordability. Combined with ease of use and electrified power, they can also help reduce urban traffic congestion, parking limitations and pollution.
“The number of mobility options available to people has risen dramatically in recent years. In some situations, people use multiple forms of transportation during a single trip. The fast-paced, often experimental mobility sector requires businesses to keep up with agile and adaptable customers. The products and services we offer need to reflect these changes,” the automaker said.
“Today, we are excited to be accelerating our efforts to provide micro-mobility solutions with the acquisition of Spin, a dockless electric scooter sharing company based in San Francisco. Spin is a leading micro-mobility service provider, with operations in 13 cities and campuses across the US.
Spin is committed to working hand-in-hand with cities and universities to implement micro-mobility solutions responsibly, safely and sustainably as they expand their operations. They do not launch without permission; they share usage data with cities; and they work with local officials and university campuses to design educational tools around parking and riding rules. This approach aligns well with our values at Ford and with our aspiration to be the world’s most trusted company.”
Ford did not reveal the cost of the deal but an earlier report on Axiom.com said the deal was worth somewhere between US$40m, which was what Spin was valued at after Series A funding last year, and $100m.
Axiom noted: “Ford had already dipped its toes into scooters with the recent roll out of its Jelly service on the campus of Purdue University, which also happens to be Spin CEO Derek Ko’s alma mater.”