Ford buying San Francisco-area e-scooter startup Spin

Ford Motor Co (F.N) said Thursday it will join the mushrooming micro-mobility movement with the acquisition of 2-year-old Spin, an electric scooter rental firm based in San Francisco.

The No. 2 U.S. automaker, one of the first to enter the sector, will invest about $200 million in Spin, according to a source familiar with the acquisition.

The purchase price is dwarfed by investments in ā€” and valuations awarded to ā€” Lime and Bird, the U.S. market leaders in a sector that only started to accelerate about eight months ago.