Over the past few years, Ford has dedicated resources to companies that are not typically associated with its traditional business model, and one of those efforts may soon fall away from The Blue Oval altogether. According to a report by BloombergSpin, the globally growing electric scooter micromobility company, faces a bleak future under the Ford corporate umbrella, as the automaker actively considers divesting its portfolio holdings. .
Ford’s options for Spin are being evaluated by a third-party entity, which is working with The Blue Oval to explore different avenues that could see the electric scooter company completely sold or merged into a special-purpose type of acquisition company. According to the report, Spin fell under Ford’s influence at the behest of former CEO Jim Hackett, who saw the automaker as more than just a car company.
In contrast, Jim Farley focuses on the broader elements that primarily affect FoMoCo’s core products such as trucks and utilities. As Ford Authority has widely reported, it has signed a deal with Google to take the company out of the infotainment development business and is embarking on a large-scale initiative that will see the company primarily move away. internal combustion vehicles. Ford is also working with Argo AI and has allocated funds to the startup, alongside Volkswagen.
Although Spin faces an uncertain future with Ford, it has steadily increased its global footprint in the years since its acquisition, which took place in 2018. The company, which is based in San Francisco, is active in Canada and Europe, and it allows users to rent scooters through an app. Its expansion relied on partnerships between universities, municipal governments and other municipalities, a business model that its competitors sometimes did not follow.
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