A corrected version of the story is below:
Ford buys electric scooter sharing company Spin
Ford Motor buys electric scooter sharing company Spin, expanding its presence in alternative forms of transportation
NEW YORK (AP) - Ford Motor Co. has bought an electric scooter sharing company, expanding its presence in alternative modes of transportation.
The century-old automobile company announced its acquisition of Spin, a San Francisco-based dockless scooter sharing company, on Wednesday.
Spin operates in 13 cities and campuses and allows riders to borrow a scooter for $1 and an additional 15 cents per minute.
Ford says the number of mobility options available to people has risen dramatically in recent years, and in some situations people use multiple forms of transportation during a single trip.
Ride-sharing giants Uber and Lyft also have been investing in scooter-sharing companies.
Ford is the lead sponsor of bike sharing system Ford Go Bike in the San Francisco Bay Area.
Financial terms of the Spin acquisition were not disclosed.
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