Spin, Ford e-scooter sharing startup buying back in 2018, is shifting its focus to seeking profit and thus, getting rid of almost all open markets globally. In one post by company CEO Ben Bear, he said Spin has started scroll down its operations in several markets in the US, as well as all of Germany and Portugal. The company will also be shutting down operations in Spain, which could happen around February 22.
The open license market is where many scooter companies can do business, there is no limit on fleet size. Bear said it “creates an operating environment of uncertainty” with a “race to the bottom of valuations”. Spin doesn’t appear to do well in those markets – Bear writes that Spin has been unable to provide “reliably high quality service [it] proud [itself] to its racers and city partners” in those locations – so it decided to take a different route instead.
Turn extend its operations after being acquired by Ford in several cities in the US and around the world. In 2021, it deployment a new model of scooter that is more durable than the previous ones and cooperate with Google to show users the nearest e-bike or e-scooter on Maps. Unfortunately, those are not enough to prevent this refactoring.
Going forward, Spin will focus on limited supplier markets in the US, Canada, and UK. Specifically, where cities and campuses “select partners through a competitive procurement process.” Apparently, Spin gets twice as much revenue in those types of locations compared to locations with a free-for-all market. In that case, it makes sense to shift focus to those places, but unfortunately closing locations also means the company is letting people go: Its move will affect a quarter company employees, who will receive severance packages and a stipend.
All products recommended by Engadget are handpicked by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
