Despite being 85%, and 47% up in the past year and YTD respectively, Ford stock has lost approximately 16%, and 7% in the past three months and one month respectively through Tuesday.
Ford Motor Company (NYSE: F) stock closed Tuesday trading at $12.95, up 0.47%. However, F shares had dropped approximately 0.31% of the gains during today’s premarket. The tweak might have partially been attributed to news that Ford has welcomed Doug Field as chief advanced technology and embedded systems officer.
Doug Field Joins Ford
According to the press release, Doug Field will be reporting to President and CEO Jim Farley. Notably, Field has worked with tech giants Apple Inc (NASDAQ: AAPL) as VP, Special Projects, and Tesla Inc (NASDAQ: TSLA) where he worked as senior vice president Engineering.
Ford anticipates reaping huge benefits from Field’s experience and successful career. “Doug is one of the world’s most respected engineering and product design leaders and has been a driving force behind breakthrough products across auto, tech, and mobility, including at Apple, Tesla, and Segway,” Farley said. “His talent and commitment to innovation that improves customers’ lives will be invaluable as we build out our Ford+ plan to deliver awesome products, always-on customer relationships, and ever-improving user experiences. We are thrilled Doug chose to join Ford and help write the next amazing chapter of this great company.”
Reportedly, Field is expected to lead the company’s Embedded Software and Hardware organization. This section currently consists of Vehicle Controls, Enterprise Connectivity, Features, Integration & Validation, Architecture & Platform, Driver Assistance Technology, and Digital Engineering Tools.
“I’m thrilled to be joining Ford as it embraces a transition to a new, complex, and fascinating period in the auto industry,” Field said. “It will be a privilege to help Ford deliver a new generation of experiences built on the shift to electrification, software and digital experiences, and autonomy. I’m committed to helping the team make those experiences seamless, delightful, and continually advancing over time.”
Ford Stock and the Market Outlook
Despite being 85%, and 47% up in the past year and YTD respectively, Ford stock has lost approximately 16%, and 7% in the past three months and one month respectively through Tuesday.
The company has embarked on a plan to revitalize its operations after shaking out by the Covid pandemic. Previously, the company announced that it anticipates some supply chain disruptions due to the semiconductor chip shortage experienced globally currently.
With Field in place, the company anticipates tapping on its ability to deliver satisfactory customer services and product delivery. To deliver his services effectively, Field will work closely with Hau Thai-Tang, Ford’s chief product platform, and operations officer. “Doug’s track record of innovation and expertise with embedded systems will help Ford accelerate the development and implementation of our Blue Oval Intelligence tech stack,” Thai-Tang said. “I’m excited to partner with and learn from Doug as we bring our Ford+ plan to life.”
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