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Ford acquires electric scooter rental company Spin, allegedly trading $200 million

November 09, 2018 00:34
source: Techweb
edit:Eastern Fortune Network

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News on November 8, according to reports,FordOn Thursday, it said it will acquire Spin, an electric scooter rental company based in San Francisco that has just been established for two years.

According to people familiar with the matter, Ford will invest about $200 million in Spin.

However, compared to the acquisition price and valuation of the industry leader Lime and Bird, Spin's acquisition amount is dwarfed. Lime and Bird only began to accelerate growth eight months ago.

Headquartered in San Mateo, Calif., Lime was founded in 2017 and has attracted more than $450 million in funding, valued at more than $4 billion. Its investors include Uber and Google's parent company Alphabet.

Bird's headquarters is located in Santa Monica and was also launched in 2017. It attracted $400 million in investments and was valued at $2 billion.

In an interview, Marcy Klevorn, president of Ford Motor Mobile, said that the acquisition of Spin "fills a gap in the company's mobile product portfolio," while the company can provide "convenient, cheap transportation" in urban and university campuses.

Spin and its competitors follow a simple business model. They buy electric scooters from electric scooter manufacturers for $100 to $300, and then use mobile apps for short and short-term rentals, usually for $1 and $15 a minute.

After the launch of the electric scooter in the San Francisco Bay Area, it began to be launched in many major cities in the United States.

Sundeep Madra, head of Ford's FordX startup incubator, said Ford plans to expand its North American market from 32 to more than 100 in the next 18 months.

Klevorn said that the electric scooter complements Ford's product portfolio, with the full-size F-series pickups giving Ford the largest share of profits.

Klevorn said, “Our overall strategy is to provide customers with a choice whether to buy or lease (vehicles) or pay for usage.” “We are trying to adapt to changes in the market – and scooters are such changes. supplement."

Spin will be a wholly owned subsidiary of Ford in San Francisco.

Last week,General MotorsThe company said it plans to launch two electric bikes in 2019, but has yet to say whether it plans to enter the electric scooter business.

(Article source: Techweb)

                (Editor: DF307)

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