Economy

Ford enters scooter wars with acquisiton of startup Spin

Ford enters scooter wars with acquisiton of startup Spin

The idea is that in urban cities like NY and Chicago, where steep traffic can cause short-length trips to be time consuming, the scooters would help alleviate the travel time.

"Everywhere you look around the USA, people's mobility choices are changing". "This approach aligns well with our values at Ford and with our aspiration to be the world's most trusted company".

Terms of the deal were not disclosed, but founder and CEO Euwyn Poon said Ford plans to invest about $US200 million in the company as it eyes expanding to 100 markets over the next year and a half.

The Ford X team, which was formed in January, is a "division within Ford Smart Mobility, LLC that aims to quickly build, acquire and pilot new transportation products and services", Madra writes.

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Uber's rival Lyft is also not far behind, as it bought bike-sharing company Motivate and is in the process of integrating bicycle and scooter sharing into its app. Lyft has also launched its own line of e-bikes in Denver, with the company being one of the few to receive permits from the city authorities. "The most successful of these projects will become part of our growing mobility offering". The acquisition of the startup took place through Ford X, a Ford-funded incubator focused on alternative mobility solutions.

The century-old automobile company announced its acquisition of Spin, a San Francisco-based dockless scooter sharing company, on Wednesday. You'll be charged WAY more for that electricity than you could possibly earn. It also means continuing development of self-driving vehicles, which we plan to launch at scale by 2021. Electric scooters can help relieve some of our travel woes, such as traffic congestion, parking availability and pollution.

Spin operates in 13 cities and campuses and allows riders to borrow a scooter for $1 and an additional 15 cents per minute.

Citing data from Populus Insights, Madra noted that nearly half of all trips in the USA are three miles or less. To start out, Spin is launching today in Detroit. "Spin is an important step towards realizing our ambitious vision for the future of urban mobility".


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