Ford Motor Company enters the rapidly growing micro-mobility market with the purchase of Spin's electric scooter rental service.
As the head of Ford X, a division of Ford Motor in charge of new mobile solutions, Sunny Madra, the business associated with electric scooters, told the Financial Times: "it is developing everywhere simply phenomenally" and "the compliance of product with the market is quite obvious. "
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According to him, the goal of Ford Motor is to launch a service of electric scooter rentals in more than 100 cities in the next year and a half.
Ford Motor itself has not revealed the value of the transaction, but the online portal Axios, citing informed sources, said it was about $ 100 million.
The rental service of electric spin scooters was created in 2016 in San Francisco. Now the company operates in 9 large cities and in the territory of 5 campuses USA, their 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 buying, Ford Motor does not intend to change the name of Spin or put its mark on electric scooters, but is ready for "important investments" in the expansion of the infrastructure for the loading and repair of scooters, as well as the expansion of the mobile fleet.