Ford sells scooter business Spin to Europe's Tier
Ford has agreed to sell Spin, the scooter rental startup it acquired in 2018, to Tier, a Berlin-based micromobility company, for an undisclosed price.
Why it matters: Despite an initial thesis around expanding into transportation beyond cars, "this allows [Ford] to focus on their core business" as the importance of electric vehicles has grown, Spin CEO Ben Bear tells Axios.
- And for Spin, the sale to Tier means it can join a company with a similar business that can help it scale up even more, and take a shot at becoming a top multi-national player in the industry, he adds.
- Rumors of Ford's interest in divesting from Spin emerged last spring, months after CEO Jim Farley took over.
Of note: Spin considered multiple options, including going independent, according to Bear.
Details: While Spin's U.K. operations will fold into Tier's, its North American business will retain the Spin brand and Bear as its chief.
The bottom line: Spin's sale to Ford may have been the first sign of industry consolidation, but the firm's latest changing of hands shows that trend is in full swing.
Editor's note: This story has been corrected to note the importance of electric vehicles (not autonomous driving) has grown for Ford.