Ford buys electric scooter startup Spin

Ford has acquired electric scooter startup Spin, Axios reports. The deal, according to a source close to the matter, was close to $100m.  Axios had previously reported the price tag was around $40 million.

In February, Spin officially entered the electric scooter space after first deploying stationless bikes in South San Francisco and Seattle. Spin had previously only operated a bike-share platform.

Spin currently operates its scooters in Coral Gables, Fla., Washington, D.C., Charlotte, N.C., Durham, N.C., Lexington, Ky., Denver, Colo., Detroit, Mich. and Long Beach, Calif. In addition to operating throughout specific cities, Spin is live on five college campuses.

Spin was one of the three companies that initially deployed its scooters in San Francisco back in March. Along with Bird and Lime, Spin was forced to remove its electric scooters from the city until the city determined a permitting process. Since failing to receive a permit to operate, Spin has been one of the more quiet scooter startups in the industry.

In recent years, Ford has also purchased commuter shuttle service Chariot, as well as Autonomic and TransLoc.

 

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