Summary List Placement
Goldman Sachs is looking to the automotive industry as a growing opportunity to win underwriting and M&A deals. A looming shift toward electric and autonomous vehicles, connectivity software, and online retail has the potential to reshape the car business, creating opportunities for new companies in a sector that has been notoriously difficult for startups.
“Is this like when Henry Ford figured out how to mass produce? Is it like when the steam engine became the gas engine? I think it’s pretty comparable,” said Fausto Monacelli, the co-head of a new team at Goldman focused on automotive technology.
Goldman has already built a relationship with one of the companies leading the auto industry’s evolution, working with Tesla on a number of stock and bond offerings over the years. Now, the bank is increasing its focus on Tesla’s competitors by creating a joint venture between its industrial, tech, media, and telecommunications teams that will focus on auto tech. Chris Buddin, who will lead the joint venture with Monacelli, told Insider the move will ensure Goldman has the resources to pursue business in the booming sector.
“The opportunity, to us, seems so large,” Buddin said.
Bringing together bankers with expertise in manufacturing and …read more
Source:: Businessinsider – Finance