The newly created role at the bank reflects how technology has been upending almost every corner of the auto industry.
Tuesday 09, July 2019
Credit Suisse Group has hired Joe Heyer from Ford Motor Company to oversee investment banking in the automotive technology sector, reported Bloomberg.
Heyer’s coverage area will include autonomous vehicles, components and software and he will report to David Wah, the Global Head of Technology, he will also partner with the global industrials group.
Electric-car makers led by Tesla are taking market share from traditional players, while newly public ride-hailing companies Uber Technologies and Lyft are changing how people get around in cities.
These industry shifts have led to deals such as chipmaker Intel Corporation agreeing to buy automotive sensor company Mobileye for $15.3 billion in 2017 and Amazon.com leading a $700 million funding round in electric-pickup maker Rivian Automotive this year.
Ford Motors also invested $500 million in the company.
David Wah, the Credit Suisse’s Global Head of Technology, said, “The rapid advances in transportation made possible by innovation across hardware and software have implications for a wide array of industrial and consumer markets.”
Heyer was previously an Executive Director and Head of Business Development at Ford and has been at the automaker since 2015. He is set to start at Credit Suisse in New York next month as a managing director.