Ford confirmed today that it is buying scooter sharing company Spin for $40 million. Ford aims to diversify its holdings in transportation and mobility businesses that don’t directly relate to car sales.
Spin rents out scooters in Denver, Colorado; Detroit, Michigan; Long Beach, California; Coral Gables, Florida and Troy University in Alabama. By the end of 2018, Spin plans to expand to Washington D.C.; Austin, Texas; Charlotte, North Carolina; Durham, North Carolina; Duke University; and Towson University in Maryland.
The scooter sharing market has taken off in Western Europe, with signs of potential growth elsewhere. According to Innoz, as of 2017, Germany had around 2,500 scooters for scooter sharing. France had the second most scooter sharing scooters with around 2,100 in circulation. Spain is home to just under 1,500 scooter sharing vehicles.