No financial terms disclosed, but it was an all-stock deal
Ford is selling its electric scooter operation Spin to one of Europe’s top shared mobility companies. Tier Mobility will take over all of Spin’s operations, marking the first time the Berlin-based scooter company will have a foothold in North America. The companies declined to disclose the sale price, though the CEO of Tier said it was an all-stock deal.
to consider its options, including the possibility of merging Spin with a special acquisition company.amid a major restructuring that saw it pulling out of nearly every “open permit city” — cities that don’t restrict the number of scooter operators via a permitting system. That included several US cities, as well as European countries like Germany, Portugal, and Spain.
Even though it has proven popular with riders, scooter sharing’s early years were marked by steep losses. The industry struggled to fix its unit economics, in which the purchase price for each scooter exceeded the amount of revenue it brought in before eventually breaking down. Most companies relied on a hefty dose of venture capital to keep their operations afloat.
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