YAMAHASHA, N.Y. — Yamaha Motor Co. is down 3% at $28.43, as investors worry that a new team led by Ford Motor Co.’s Ford Motor Group Chief Executive Mark Fields may be able to make a significant impact on the company.
The stock dropped 4% on Friday after Ford said Fields will take over as CEO in the near future, after Ford hired former Chrysler Group Inc. chief executive Bill Ford to lead a new business unit focused on autonomous vehicles.
Yamaha shares have declined in recent days as investors have focused on Ford’s investment in self-driving vehicles.
Ford has said that it will make about $6 billion in investments over the next five years for its self-propelled fleet of vehicles.
Ford shares were up 0.3% at 9:20 a.m.
ET.YAMAHAMA: Ford says it will invest in self driving vehicle business in 2020The shares have fallen about 9% since Friday, when Ford announced that Fields would join the new team.YAMSON: Ford wants to ‘develop new technologies’ for self-driven vehiclesThis is not the first time that Ford has hired former executives from the auto industry, and it’s not the only company in the auto business that has had to hire Ford executives in the past year.GM’s Cadillac division hired former Toyota Motor Corp. CEO Akio Toyoda to be its chief executive in January, and Ford hired Tom Fowler as its CEO last month.
Ford also recently hired John Legere as its chief technology officer.
Ford’s shares have dropped about 10% since Thursday, when the company said that Fields will be joining Ford’s autonomous vehicle team in the coming months.
Yamson shares fell as much as 2% Friday.