Source: Case File of Henry Ford, Committee on Science and the Arts, 1928 Cresson Medal, www.fi.edu/learn/case-files/ford/file.html

Cost and Production of Ford Vehicles, 1908-1924

In the early stages of its diffusion, automobiles were essentially assembled by hand, which made them very expensive and affordable only to the wealthy segment of the population. As the production efficiency of the assembly line was improved, the cost of an automobile was substantially reduced. When the Ford Model T was introduced in 1908, it cost about $950 (nominal dollars) with 10,000 units produced. By 1924, 2 million unit were produced at a cost of $300 each. World War I had disruptive impacts on car production, making resources temporarily more expansive.

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