Ford Acquires Electric Scooter Startup

This morning, Ford confirmed that it has acquired Spin, an electric scooter startup. Andrew J. Hawkins of The Verge said, “E-scooter startups that are barely a year old have spread like wildfire across the globe and seen their valuations skyrocket. It was only a matter of time until a company like Ford, which has funneled revenue from SUV and truck sales into a variety of mobility projects over the years, would eventually buy some scooters.

Source: https://techcrunch.com/2018/06/29/electric-scooter-startup-spin-is-finalizing-a-125-million-security-token-offering-on-the-blockchain/

The amount of the deal has not been disclosed as of right now, but according to Hawkins, this acquisition just shows that Ford does not want customers to perceive Ford as simply a “car company.”

This, as Hawkins mentioned, is not the first time that Ford has acquired a mobility startup. The company acquired Chariot, Ford GoBikes in San Francisco, “a handful of transportation software companies, and, more recently, an electric scooter research project with Purdue University called Jelly.”

It will be interesting to see the impacts of this deal on both Spin and Ford.