SAN FRANCISCO, California — California electric scooter company Spin announced that it will be moving forward with Ford Motor Company. Spin will launch 400 of its dockless scooters in Detroit.
The Dearborn-based automaker acquired the startup in a bid to expand its mobility offerings and reach a new customer base that needs short-distance transportation solutions.
We’re excited to announce that Spin is joining the @Ford team! Over the next year, we plan to launch in 100+ markets in close collaboration with cities, transportation planners, advocates, & community and workforce groups. Read more here: https://t.co/ixH2B98Ga2 pic.twitter.com/IWcGw0fMcD
— Spin (@ridespin) 8 november 2018
Terms of the deal were not disclosed, but the company’s valuation totaled $43.5 million after its latest fundraising efforts. Outside of the 400 scooters Spin is launching in Detroit, Ford will roll out scooters in 100 cities over the next 18 months.
Detroit becomes the 13th market for Spin.
Spin will operate as an independent business unit under Ford X, a new division of Ford Smart Mobility LLC, the company said in a news release.