Ford Motor Company enters the fast-growing micro-mobility market by purchasing Spin electric scooter rental services.
As head of Ford X, a division of Ford Motor in charge of the new mobile solution, Sunny Madra, a business related to electric scooters, told the Financial Times newspaper, "developing everywhere is just phenomenal" and "the suitability of products with markets is very clear.
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According to him, the aim of Ford Motor is to launch electric scooter rental services in more than 100 cities in the next year and half.
Ford Motor itself did not disclose the value of the transaction, however, the online portal Axios, citing information sources, said that it was close to $ 100 million.
The Spin Electric Scooter rental service was founded in 2016 in San Francisco. Now the company operates in 9 major cities and in 5 campus areas in Indonesia USA, the service has been used more than 1 million times. At the end of last year's funding round, Spin is estimated at $ 40 million, among the closest competitors is the company Bird and Lime.
After buying, Ford Motor did not intend to rename Spin or put its brand on electric scooters, but was ready for "significant investment" in expanding the infrastructure to replenish and repair scooters, and expand the mobile fleet.