Personal Finance Week 14 Assignment

Henry Ford was an American industrialist and inventor. He was famous for inventing the model T, the first mass-produced car.

Henry Ford was born on July 30, 1863, to William and Mary Ford. He worked on the family farm as a kid. Ford moved to Detroit at age 16. He built a type of tractor.

Ford experimented with gas-powered motors, and in 1896 he completed a gas-powered horseless carriage. He sold that model to work on making a second model.

Henry Ford founded the Ford Motor Company in 1903, and it started with good success. The Association of Licensed Automobile Manufacturers didn’t give him a license. They said he couldn’t continue producing cars. Ford won the case.

In 1908, the Ford Motor Company unveiled the Model T, a very affordable car due to its mass-production. Ford sold more than 16 million cars while it was on the market. The cars were built on an assembly line, at a rate of one car every 93 minutes, which was revolutionary at the time!

Ford increased the amount that his workers were being paid, and dropped the time that they needed to work, which led people to praise him for his humanitarianism.

The Ford Motor Company also produced other models besides the model T, but in 1909, Ford said that he would only produce the model T in the future. Some people were upset about this. However, it allowed the company to focus completely on the model T. They continued to improve it and make it cheaper.

Ford was a determined man who shaped history. His inventions helped pave the way for modern-day assembly lines, which have revolutionized the way products are made.