Ford (F) Stock Higher, Invests in Software Company Pivotal
NEW YORK (TheStreet) -- Shares of Ford Motor Co. (F) - Get Report are advancing by 0.71% to $13.40 in pre-market trading on Thursday, as the carmaker said it is investing $182.2 million in San Francisco-based Pivotal Software to strengthen its software abilities amid the rise of autonomous vehicles.
The move highlights the pressure Ford faces to bolster its technology platforms for connected and self-driving cars, Reuters reports.
Pivotal is a cloud-software company that provides tools to make it easier for developers to create software, which will help Ford increase its own software capabilities.
"Expanding our business to be both an auto and mobility company requires leading-edge software expertise to deliver outstanding customer experiences," Ford CEO Mark Fields said in a statement.
"Our investment in Pivotal will help strengthen our ability to deliver these customer experiences at the speed of Silicon Valley," he added.
The Dearborn, MI-based automaker is set for a fleet of 30 self-driving cars by the end of the year, a spokesman told Reuters.
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