Ford Motor Co. are buying electric scooter-sharing startup Spin in a deal believed to be worth between $80m-$100m, according to a report.
As the world goes crazy for last-mile technology, Ford has seen a way to get into the fast-moving business (pun intended), by snapping up the California-based startup.
Spin was one of the three companies that initially deployed its scooters in San Francisco back in March.
“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,” Ford said in a statement.
The final price of the deal was not officially disclosed to the press but reports suggest the value was between $80m and $100m.
We’re excited to announce that Spin is joining the @Ford team! Over the next year, we plan to launch in 100+ markets in close collaboration with cities, transportation planners, advocates, & community and workforce groups. Read more here: https://t.co/ixH2B98Ga2 pic.twitter.com/IWcGw0fMcD
— Spin (@ridespin) November 8, 2018
Spin tweeted: “We’re excited to announce that Spin is joining the @Ford team! Over the next year, we plan to launch in 100+ markets in close collaboration with cities, transportation planners, advocates, & community and workforce group.”
Spin addressed recent concerns about scooter-sharing schemes – such and Bird and Lime – in a statement, it reads:
“In the cities where we operate, we plan to help with enforcement around safety and parking, as well as provide rich data to inform urban planning and bolster sustainability initiatives,” said Spin founders.
“And we’ll continue to hire locally, while partnering with the highest quality operations teams to ensure our scooters are well-maintained and integrating well among small businesses, city institutions, and transit infrastructure.”
Clearing up why Ford needs to acquire the company and not go direct to Ninebot themselves, Sunny Madra the Vice President of Ford, shared a post on Medium: “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.”