Ford Acquires San Francisco Based Electric Scooter Company Spin

  • Ford Acquires San Francisco Based Electric Scooter Company Spin

Ford Acquires San Francisco Based Electric Scooter Company Spin

"Its investors include ride services giant Uber and Google's parent Alphabet", writes Reuters' Paul Lienert.

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.

The automaker's Smart Mobility division has announced the acquisition of Spin, one of the leading providers of dockless, app-enabled electric scooters.

"Spin shares our values", Marcy Klevorn, Ford's executive vice president and head of its Mobility unit, told Business Insider.

"Over the next few years, we plan to scale quickly across hundreds of USA markets, including large metropolises, mid-sized cities and college campuses", the Spin team wrote in a blog post. Spin has also sought permission to operate in Santa Monica but was not welcomed by city officials even there. You'll be charged WAY more for that electricity than you could possibly earn.

The vehicles have attracted controversy since launching in San Francisco and other big cities throughout the US. Another critical component of our mobility strategy is to develop a comprehensive set of software and services created to better enable vehicle connectivity and utilization, as well as new mobility experiences and multimodal transportation solutions.

The scooters cost $1 to unlock and 30 cents a minute, and in New Zealand they can be ridden on the road, footpath and cycling paths.

By combining our strength in automotive research and development with our commitment to connected and autonomous vehicles and our emerging software business, we are expanding our portfolio of scalable mobility solutions meant to provide a seamless transportation experience for the modern consumer.

Axios, which reported the deal Wednesday afternoon, described it as being "in the range of $40 million", citing a source. Electric scooters can help relieve some of our travel woes, such as traffic congestion, parking availability and pollution.

Citing data from Populus Insights, Madra noted that nearly half of all trips in the USA are three miles or less.

Poon and his co-founders Derrick Ko and Zaizhuang Cheng started Spin in San Francisco and first launched in Seattle's pilot program in the summer of 2017.