Ford Motor Co. is hiring the head of Apple Inc.’s car project away from the iPhone maker.
The automaker said Tuesday that it’s bringing on Doug Field, who’s been a vice president in Apple’s special projects group. Field was a top engineer at Tesla Inc. between two stints at Apple and played a major role launching the Model 3 sedan.
Field joins the automaker as chief advanced technology and embedded systems officer, reporting to President and CEO Jim Farley.
Ford shares reversed a decline on the news to close Tuesday's trading up less than 1 percent to $12.95, while Apple closed up about 1.6 percent to $156.69, off its high for the day.
The hire is a coup for Ford, which has made major strides under Farley in convincing investors it can compete with Tesla and others on electric vehicles and technology. Ford shares have almost doubled since Farley took over in October, after his two predecessors presided over a years-long slump.