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Ford buys electric scooter sharing company Spin

11/08/2018, 03:48pm

Ford Motor Co. has bought electric scooter sharing company Spin, expanding its presence in alternative modes of transportation. | AP file photo

NEW YORK — Ford Motor Co. has bought an electric scooter sharing company, expanding its presence in alternative modes of transportation.

The century-old automobile company announced its acquisition of Spin, a San Francisco-based dockless scooter sharing company, on Wednesday.

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

Ford says the number of mobility options available to people has risen dramatically in recent years and, in some situations, people use multiple forms of transportation during a single trip.

Ride-hailing giants Uber and Lyft also have been investing in scooter sharing companies.

Ford also owns bike-sharing system Ford Go Bike in the San Francisco Bay Area.

Financial terms of the Spin acquisition were not disclosed.

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