Ford buys S.F.-based electric scooter company Spin


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Ford Motor Co. on Thursday said it's buying Spin, a dockless electric scooter sharing company based in San Francisco.

"The acquisition of Spin is the latest strategic move by Ford in the mobility space, as the company builds a mobility portfolio to help customers get places more easily, more quickly and less expensively," Ford said in a statement.

Spin, which started in March 2017, has operations across 13 cities and campuses nationwide. The purchase price was between $80 million and $90 million, according to reports.

"Over the next few years, we plan to scale quickly across hundreds of U.S. markets, including large metropolises, mid-sized cities and college campuses," Spin's founders said in a statement, adding that "we are immediately scaling up Spin’s team of engineers, designers, urban planners, policy makers, lawyers, and operators to create a affordable, convenient and sustainable form of last mile transportation."

Spin competes in a space in which fellow San Francisco-based company Lime and Los Angeles-based Bird, among others, have already made deep inroads nationally.