Ford Motor Company enters the fast-growing micro-mobility market with the purchase of the Spin Electric Scooter rental service.
As head of Ford X, a division of Ford Motor in charge of new mobile solutions, Sunny Madra, the company that is linked to electric scooters, told the Financial Times that "it's growing everywhere simply seemingly" and that "product compatibility with the market becoming obvious. "
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According to him, Ford Motor's goal is to launch an electric scooter rental service in more than 100 cities next year and a half.
Ford Motor itself did not reveal the value of the transaction, however, the Axios portal, citing up-to-date sources, said it was close to $ 100 million.
The Spin Electric Scooter Rental Service was created in 2016 in San Francisco. Now the company is active in 9 major cities and in the territory of 5 campuses USA, its services have been used more than 1 million times. At the end of last year's funding round, Spin was estimated at $ 40 million. Among the closest competitors are Bird and Lime.
After the purchase, Ford Motor does not intend to change the name of Spin or to place its brand on electric scooters but is ready for "significant investments" in expanding the scooter charging and repairing infrastructure, as well as expanding the mobile fleet.