DEARBORN, Mich. (BRAIN) — Axios is reporting, based on multiple unnamed sources, that Ford Motor Co. has agreed to buy the electric scooter startup Spin. According to Axios, one source put the price tag at about $40 million.
Spin began operating scooter share programs earlier this year, after previously operating bike share programs. Now it has scooters in about eight U.S. cities and five college campuses.
Ford also has been active in the e-mobility market. It has sponsored the Ford GoBike bike share program in California’s Bay Area in a $50 million deal. It also has run a e-scooter research project at Purdue University, called Jelly. And Pedego manufactures and sells some Ford-branded e-bikes at its stores.
General Motors announced last week that it will begin selling e-bikes in 2019.