Ford Smart Mobility, a subsidiary of Ford Motor Company with operations in Palo Alto, California, and Dearborn, Michigan, acquired Spin, a San Francisco-based electric scooter-sharing company.
The amount of the deal was not disclosed.
The acquisition represents a strategic move by Ford in the mobility space, as the company is accelerating its efforts to provide micro-mobility solutions.
Formed in 2016, Ford Smart Mobility is a new subsidiary formed to design, build, grow and invest in emerging mobility services. Earlier this year, It created Ford X, which aims to build, acquire and pilot new transportation products and services.
Spin is a dockless electric scooter sharing company, with operations in 13 cities and campuses across the US. Using an electric scooter costs $1 to rent and 15 cents per minute.
The company works with cities and universities to implement micro-mobility solutions responsibly, safely and sustainably as they expand their operations. They do not launch without permission, share usage data with cities, and they with local officials and university campuses to design educational tools around parking and riding rules.
FinSMEs
09/11/2018