June 16, 1903 a young American engineer Henry Ford, with the support of financiers, founded his own automobile company “Ford Motor Company.” The main goal of the inventor was the transformation of the car from a luxury into a necessity. Initially, Ford was producing cars with two, four and later six-cylinder engines. As a result there were released seven models: the “A”, “B”, “C», «F», «K», «N», «R».
In 1908, Ford released the Model «T». It was a reliable and inexpensive car. In the year of its release, “Ford T” was worth of $ 825, but already by 1912 the cost of the car was only $ 375, making it the most affordable means of transportation in America. Ford’s car was easy to handle, did not require very complicated technical maintenance and could even go on the road. In 1919, Henry Ford and his son Edsel purchased the shares of the company from other shareholders and became the sole owners of the firm. That same year, Edsel had inherited from his father as president of the company. However, after the sudden death of his son in 1943, Henry Ford once again had to lead the company. In September 1945, Henry Ford handed over power to his eldest grandson, Henry Ford II. In 1946, for the services to the automobile industry, Henry Ford, Sr. was awarded an honorary award, and the American Petroleum Institute awarded him a gold medal for his service to the community.