Published: Mon, November 12, 2018
Markets | By Otis Pena

Ford buys electric scooter sharing company Spin

Ford buys electric scooter sharing company Spin

Since founding, the company raised $8 million from Grishin Robotics, Exponent, and others-a small sum compared to more formidable competitors in the red-hot e-scooter industry.

Ford is taking its mobility business on two wheels.

A community backlash led to public hearings, cease and desist letters, and eventually the city issued a temporary ban on e-scooters. Ford said it wants to grow the company to 100 cities within 18 months.

Since its failure in its home city, the company has promised to work with local governments and university boards, including gaining their full permission before commencing operations, and sharing all collected usage data.

The U.S. automaker said Wednesday it purchased scooter company Spin to expand its mobility services.

That's why earlier this year, we created Ford X, a division within Ford Smart Mobility, LLC that aims to quickly build, acquire and pilot new transportation products and services.

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The scooters will be added to Ford's "mobility portfolio".

If you want to try one out, it costs $1 to unlock and 15 cents a minute after that.

If you're wondering how the scooter evolved from a kid's toy to an urban phenomenon, "like so many inventions, the scooter was a child of necessity", Sarha Holder tells us in a recent piece for CityLab.

"You can't just show up in a city and say "Hi, I have an autonomous vehicle and we'd like to participate now", said Ford's Klevorn.

By combining our strength in automotive research and development with our commitment to connected and autonomous vehicles and our emerging software business, we are expanding our portfolio of scalable mobility solutions meant to provide a seamless transportation experience for the modern consumer. "Combined easily of use and electrified power, scooters can also help reduce urban traffic congestion, parking limitations and pollution". The acquisition of Spin is an important step towards realizing our ambitious vision for the future of urban mobility and we couldn't be more excited to welcome Derrick, Euwyn, Zaizhuang, Benny, Ben and the rest of the team to Ford. Earlier this year, Lyft launched its own scooter service ahead of rival Uber in Santa Monica, California.

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