Automobile

Ford is considering divesting electric-scooter unit Spin

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.

Ford acquired Spin in 2018. The company operates dockless electric scooters on campuses and cities in North America and Europe, according to its website.

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 CEO 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.

Farley has honed Ford’s focus to electric and autonomous vehicles. The automaker on Wednesday introduced an electric version of its top-selling F-150 pickup, which President Joe Biden drove the day before, after touring the Michigan plant where it will be built.

Scooter startup Bird Rides Inc. announced a merger this month with blank-check company Switchback II Corp.

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