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: Ford’s stock jumps Tuesday after vehicle maker hires former Apple, Tesla executive

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Ford Motor Co. announced Tuesday that it hired the executive in charge of Apple’s automotive efforts, and shares immediately jumped.

Ford
F,
+0.47%

announced that Doug Field will take over as chief advanced technology and embedded systems officer, which will put him in charge of next-generation technology in Ford automobiles. Field had been serving as the vice president of “special products” at Apple
AAPL,
+1.55%

after previously working at Tesla Inc.
TSLA,
+2.64%

as senior vice president of engineering.

“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,” Ford Chief Executive Jim Farley said in a statement. “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.”

Field began his career at Ford, as a development engineer from 1987 to 1993.

“I’ve always felt a deep connection to Ford,” Field said in a news release. “Ford products have been in my life as long as I can remember — F-150s on my dad’s farm, a ’65 Continental picking us up at my wedding and my thrill when I discovered the brilliant elegance in the design of the Model T.”

Ford shares had been in the red on the day before the news, but immediately rose to a gain of more than 1% after the announcement hit.

The stock has gained 47.9% so far this year, while the S&P 500 index
SPX,
-0.34%

has increased 20.8%, amid high hopes for Ford’s electric-car ambitions.

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