A customer views cars on display in a showroom of the Avilon dealership owned by the Ford Motor Company in Moscow. Anton Novoderezhkin/TASS (Photo by Anton NovoderezhkinTASS via Getty Images)
Anton Novoderezhkin | TASS | Getty Images
Santa Monica, Calif., start-up company Fair has agreed to acquire Ford’s monthly vehicle subscription service, Canvas, for an undisclosed amount, the companies said Thursday.
The purchase marks healthy growth for Fair, but another retreat from an emerging mobility business for Ford as it cuts costs under an $11 billion restructuring plan through 2022.
Ford’s shares were relatively unchanged after in midday trading Thursday at just under $10 a share.