Having recently returned from Tel-Aviv where electric scooters are ten-a-penny it's no surprise to see Ford investing in the industry too.
Fluctuating fuel prices have led to a decrease in the sales of fuel-powered vehicles, as consumers are moving toward the adoption of electric vehicles. An increase in the fuel prices has pushed the consumers to abandon the fuel-powered vehicle segment, which coincides with a significant increase in the sales of electric scooters mainly in the regions of India, Hong Kong, and the Netherlands. Norway is expected to ban the sales of all fossil fuel-based cars over the next few years to move toward its goal of green energy by 2025.
Ford is buying electric scooter startup Spin, Axios reports. The deal, according to a source close to the matter, “the total consideration in the deal was close to $100m.” Axios had previously reported the price tag was around $40 million.