Ford Is Considering Divesting Electric-Scooter Unit Spin
(Bloomberg) -- Ford Motor Co. is considering divesting its electric scooter-sharing service Spin, according to people familiar with the matter.
The company is working with an adviser to examine strategic options including a sale or spinoff of the unit, said the people, who asked not to be identified because they weren’t authorized to speak publicly. It could also look to merge the unit with a special purpose acquisition company, the people added.
No final decision has been made and Ford could opt to keep the unit, they said.
A representative for Ford declined to comment.
Spin represented something of a side project at Ford under previous Chief Executive officer Jim Hackett, who wanted to explore different forms of mobility.
New CEO Jim Farley is eliminating extraneous operations as he works to accelerate the automaker’s bet on electric vehicles, which he recently doubled to $22 billion. Argo AI, a self-driving startup backed by Ford and Volkswagen AG, is considering going public as soon as this year, Bloomberg News has reported.
Scooter startup Bird Rides Inc. announced a merger this month with blank-check company Switchback II Corp.
©2021 Bloomberg L.P.