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Photo by Justin Sullivan/Getty Images

Ford Motor Co. has agreed to buy electric scooter startup Spin, Axios has learned from multiple sources.

  • The deal is worth close to $100 million, according to two sources, though another earlier put the price tag in the range of $40 million, which is around where Spin was valued after its Series A funding last year.

Why it matters: Ford had already dipped its toes into scooters with the recent roll out of its Jelly service on the campus of Purdue University, which also happens to be Spin CEO Derrick Ko's alma mater.

Editor's note: The story has been updated to note that two new sources told Axios after publication that the acquisition was worth close to $100 million rather than $40 million.

Go deeper

Naomi Osaka eliminated from Olympic tennis tournament in Tokyo

Czech 42nd-ranked Marketa Vondrousova (L) shakes hands with Japan's Naomi Osaka after their Tokyo 2020 Olympic Games women's singles third round tennis match at the Ariake Tennis Park in Tokyo on Tuesday. Photo: Giuseppe Cacace/AFP via Getty Images

Tennis superstar Naomi Osaka was eliminated from the Olympics after losing her Tokyo tennis tournament match 6-1, 6-4 in the third round to Czech Marketa Vondrousova on Tuesday.

Of note: This was Osaka's first match back after withdrawing from the French Open and Wimbledon Grand Slam tournaments for a mental health break — triggering global conversations about mental health in sports. It was also her first Olympics.

Editor's note: This a breaking news story. Please check back for updates.

Drought pushes 2 major U.S. lakes to historic lows

Kayakers at a boat launch ramp Page, Arizona, on July 3, which was made unusable by record low water levels at Lake Powell as the drought continues to worsen near. Photo: David McNew/Getty Images

Two significant U.S. lakes, one of which is a major reservoir, are experiencing historic lows amid a drought that scientists have linked to climate change.

What's happening: Lake Powell, the second largest reservoir in the U.S., has fallen 3,554 feet in elevation, leaving the crucial reservoir on the Colorado River, at 33% capacity — the lowest since it was filled over half a century ago, new U.S. Bureau of Reclamation data shows.

Updated 1 hour ago - World

North and South Korea restart hotline and pledge to improve ties

South Korean President Moon Jae-in and North Korean leader Kim Jong Un in Pyongyang, North Korea, in 2018. Photo: Pyeongyang Press Corps/Pool/Getty Images

North and South Korea's leaders have pledged to improve relations and resume previously suspended communication channels between the two countries.

Why it matters: The resumption of the hotline on Tuesday comes despite stalled negotiations between Washington and Pyongyang on the denuclearization of North Korea, which broke down after a second summit between then-President Trump and North Korean leader Kim Jong-un ended without a deal in 2019.