A little more than a 100 years ago, a vehicle powered by an engine was a just a toy for the rich and eccentric, but then in 1908, a man did something that changed the world, and brought to everyone the miracle that is the automobile. The pioneer of the automobile industry, Henry Ford was an American who had a dream, just like the technology pioneers of today, to change the game. This is why he invented the Model T and the method of the assembly line to build cars.
The assembly method, first introduced in the automobile industry, became one of the most important evolutionary steps of industrialisation, complete changing the paradigm of industrial production. At the same time, the Model T became a car that could be driven by anyone, it did not need a driver that needed to be trained as much a pilot to drive it. Ford innovated the automobile industry, and can be said to be the father of the industry even today, an industry still focused on streamlining the assembly line process and making cheaper more accessible cars.
The Model T was the first car that an average earner could afford, and was beginning of the age where everyone could have a car. The key to Ford’s success in developing the infant automobile market was that Ford continuously reduced the cost of production for his car, and with the profits that he made, rather than settle for the money, he lowered the price of this car even more. Therefore, Ford sold even more cars in quantity, and developed the first economies of scale model in the automobile industry. A basic economics concept that today’s major car companies such as Toyota, Daihatsu, BMW, Subaru, and Ford Motors depend on.