Ford Motor Company Sells Its First Automobile
Henry Ford had already founded and dissolved two earlier automobile ventures when he incorporated the Ford Motor Company in June 1903 with $28,000 in capital from investors. The company focused on an affordable, reliable vehicle rather than luxury models then dominating the market. On July 23, 1903, Chicago dentist Dr. Ernst Pfennig purchased the first production Model A, a two-cylinder runabout priced at $850, from the Mack Avenue plant in Detroit. The sale nearly exhausted the company's remaining funds but validated Ford's vision of volume production. Within months, additional orders followed, laying the groundwork for the assembly-line revolution that would follow.
Why it matters: This transaction launched Ford's successful third attempt at automobile manufacturing, eventually transforming personal transportation, manufacturing methods, and American industry through mass production and the $5 workday.