Ford to buy San Francisco-based scooter sharing company Spin to beef up mobility business

News of the deal was first reported by Axios Wednesday, which quoted a source that put its value at $40 million.

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The move is a bid to beef up Ford’s holdings in transportation and “mobility” businesses that don’t involve selling cars, and tap what executives say is a rapidly growing market.

Several scooter start-ups, such as Bird and Lime, have risen to prominence recently, and some see these companies as yet another form of transportation, along with ride-sharing, that could undermine the need many households have for a garage filled with cars.

  • Publisher: CNBC
  • Date: 2018-11-08T00:01:36-0500
  • Author: Author link
  • Twitter: @CNBC
  • Citation: Web link

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Ford buys Spin as electric scooter-sharing war heats up

Ford Motor Co. has hopped onto the electric scooter-sharing market through its acquisition of Spin, a competitor to Bird Rides Inc. and LimeBike Inc.

The price of the deal for the company, formally named Skinny Labs Inc., was not disclosed.’Axios reported‘a price of $40 million, while TechCrunch pegged‘the figure at close to $100 million. The company had raised $8 million on a reported valuation of $40 million’in May 2017.

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  • Publisher: SiliconANGLE
  • Date: 2018-11-07T21:12:12-05:00
  • Twitter: @SiliconANGLE
  • Citation: Web link

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Ford Acquires Electric Scooter Startup Spin

Ford Smart Mobility Goes For A Scooter Ride, Buys Spin

Shared electric scooters are popping up across American sidewalks faster than dandelions after a spring rain and Ford has been feeling left out. Smart Mobility LLC, the business unit of the Dearborn-based automaker that is responsible for developing mobility service solutions has added to its portfolio with the acquisition of San Francisco-based scooter rental firm Spin.

‘If you look at the data, the customer has spoken, in the U.S. alone, there are 240,000 trips happening on scooters daily, generating $1 million in revenue every day,’ said Marcy Klevorn, president of mobility at Ford.

  • Publisher: Forbes
  • Date: 2018-11-08
  • Author: Sam Abuelsamid
  • Twitter: @forbes
  • Citation: Web link

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