Ford Motor acquires electric scooter sharing company 

The company did not disclose the financial terms of the deal.

Ford Motor said it acquired Spin, a San Francisco-based electric scooter-sharing company that provides customers an alternative for first- and last-mile transportation, the company announced on Thursday.

Although Ford didn’t disclose the acquisition price of Spin, media reports have pegged the deal to be valued $40 million (R560 million). The automaker is said to make further long-term investments in Spin worth about $200 million (R2.8 billion).

Ford did not disclose the financial terms of the deal.

The acquisition of Spin is the latest strategic move by Ford in the mobility space, as the company builds a mobility portfolio to help customers get places more easily and less expensively. 

“As more people consider scooters to be a viable mobility option, now’s the right time for Ford” to work closely with Spin, the automaker said in a statement. “Spin is an important step towards realising our ambitious vision for the future of urban mobility.”

Spin is a leading micro-mobility service provider, with operations in 13 cities and campuses across the US.

Several scooter start-ups, such as Bird and Lime, have risen to prominence recently, with ambitions to undermine the need many households to have cars.