Ford To Buy E-Scooter Company Spin

Several sources suggest that Ford Motor Co. has officially agreed to acquire electric scooter startup Spin.

Just the other day, we published a piece of news surrounding Ford’s delve into electric scooters. Companies like Lime and Bird have already been in the E-scooter biz and its becoming quite popular in urban areas. Essentially, you just use an app and grab up an electric scooter from one of a variety or strategic locations around specific metropolitan areas. We previously learned that Ford is now interested in this concept and it appears the automaker is officially moving forward.

Ford will acquire electric scooter startup Spin with a deal that will cost some $100 million. Elaborating a bit on the above story, Ford is already in the process of a somewhat stealth rollout of its Jelly Service, which is initially making 40 electric scooters available on the campus of Purdue University. Interestingly, Spin CEO Derek Ko is a Purdue grad.

Sadly, the Jelly press release doesn’t mention Ford in the venture, but we tracked down information linking the automaker. Similarly, this newest announcement by Axios pertaining to Ford’s acquisition of Spin hasn’t been officially announced by the brands, however, multiple sources substantiate the venture. When we’re able to get more information, we’ll update this story or provide another article.

Source: Axios

Source: Read Full Article