In recent years, Ford has devoted resources towards ventures not typically associated with its traditional business model, and one of those efforts could soon become fully estranged from The Blue Oval. According to a report from Bloomberg, Spin, the e-scooter micromobility company that’s been steadily expanding across the globe, faces a murky future underneath the Ford corporate umbrella, as the automaker is actively considering divesting the outfit from its portfolio.
Ford’s options regarding Spin are being weighed by a third-party entity, which is working with The Blue Oval to explore different paths that may see the e-scooter company completely sold off or merged into some type of special purpose acquisition company. According to the report, Spin came under Ford’s influence at the behest of former CEO Jim Hackett, who envisioned the automaker as something more than just a car company.
By contrast, Jim Farley is focused on bigger picture items primarily affecting FoMoCo’s core products like trucks and utilities. As Ford Authority has extensively reported, he inked a deal with Google to get the company out of the infotainment development business, and is embarking on an expansive initiative that will see the company mostly transition away from internal combustion powered vehicles. Ford is also working with Argo AI, and has allocated funds towards the startup, along with Volkswagen.
Although Spin faces an uncertain future with Ford, it has steadily increased its global footprint in the years since its acquisition, which occurred in 2018. The company, which is based in San Francisco, is active in Canada and Europe, and it allows users to rent out scooters via an app. Its expansion has relied on partnerships between universities, city governments, and other municipalities, a business model that its competitors have sometimes not followed.