UPDATE: Ford Buys E-Scooter Company Spin
Several sources suggest that Ford Motor Co. has officially agreed to acquire electric scooter startup Spin.
***UPDATE: It’s a done deal. Ford has acquired Spin. Full press blast attached at bottom of post.
Just the other day, we published a piece of news surrounding Ford’s delve into electric scooters. Companies like Lime and Bird have already been in the E-scooter biz and its becoming quite popular in urban areas. Essentially, you just use an app and grab up an electric scooter from one of a variety or strategic locations around specific metropolitan areas. We previously learned that Ford is now interested in this concept and it appears the automaker is officially moving forward.
Ford will acquire electric scooter startup Spin with a deal that will cost some $100 million. Elaborating a bit on the above story, Ford is already in the process of a somewhat stealth rollout of its Jelly Service, which is initially making 40 electric scooters available on the campus of Purdue University. Interestingly, Spin CEO Derek Ko is a Purdue grad.
Sadly, the Jelly press release doesn’t mention Ford in the venture, but we tracked down information linking the automaker. Similarly, this newest announcement by Axios pertaining to Ford’s acquisition of Spin hasn’t been officially announced by the brands, however, multiple sources substantiate the venture. When we’re able to get more information, we’ll update this story or provide another article.
LET’S GO FOR A SPIN: FORD BUYS SCOOTER COMPANY TO PROVIDE CUSTOMERS A FIRST-LAST MILE SOLUTION
- Ford Smart Mobility, LLC acquires Spin, a San Francisco-based electric scooter-sharing company that provides customers an alternative for first- and last-mile transportation
- 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
- 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, scooters 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. At Ford, the products and services we offer need to reflect these changes.
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.