Ford Motor Co. announced its acquisition of San-Francisco-area electric scooter rental start-up Spin.
Ford will invest around $200 million into Spin. The acquisition is Ford’s move into the micro-mobility movement.
In an interview, Marcy Klevorn, president of Ford’s mobility unit, said the acquisition of Spin “fills a gap in our mobility portfolio,” while providing “accessible and affordable transportation” in cities and on college campuses.
Ford plans to expand Spin over the next 18 months, from 32 markets to more than 100 in North America. “Our overall strategy is to provide customers with a choice, whether it’s buy or lease (a vehicle) or pay by use,” Klevorn said. “We’re trying to adapt to where the market is going — and scooters complement that.”