Ford Motor Company is selling its e-scooter business, Spin, to German rival Tier in exchange for equity.
A person displays the SpinBike shared electric scooter application on a Apple Inc. iPhone X in San Francisco, California, on Friday, April 13, 2018.is selling its e-scooter business, Spin, to German rival Tier in exchange for equity.
Lawrence Leuschner, CEO of Tier, told CNBC that the company is now the largest "multimodal micromobility operator" in the world, in terms of number of cities and vehicles, ahead of U.S. rivals like Bird and Lime. Tier claims to have a fleet of 250,000 vehicles across 410 cities. Roughly half of its vehicles are e-scooters and half are e-bikes.
Leuschner said U.S. President Joe Biden's new infrastructure plan and the desire from U.S. cities to "go green" will help make the U.S. market "really attractive in the future" for micromobility companies.
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