Ford buys e-scooter company Spin for $40 million

Ford is buying dockless electric scooter company Spin for $40 million, according to Axios. The acquisition cost roughly what Spin was valued at after its Series A funding last year.

The deal isn’t the first time Ford’s entered the e-scooter market; the company started conducting a test run of scooter rentals at Purdue University under the name “Jelly” last month. Ford has also been exploring new mobility solutions since it acquired San Francisco-based shuttle service Chariot in 2016, and it’s been running a docked bicycle-sharing program in the Bay Area called Ford GoBikes since 2013. Ironically, Motivate, the bike-sharing company Ford partnered with to launch GoBikes, has since been acquired by Lyft, which is also getting into the…

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