Ford car: The Ford Motor Company (often referred to simply as Ford or Ford's; sometimes nicknamed FoMoCo), NYSE: F is an automobile maker founded by Henry Ford in Dearborn, Michigan, United States (where the company is currently headquartered), and incorporated on June 16, 1903. According to Fortune magazine, DaimlerChrysler and Toyota Motor replaced Ford as the world's number two and three automobile manufacturers by revenue in 2004. For many years before that Ford was global number two behind General Motors. Ford remains one of the world's ten largest corporations by revenue. Ford radically reformed the methods for large-scale manufacturing of cars, and large-scale management of an industrial workforce. Ford implemented the ideas of Eli Whitney, who developed one of the the first assembly lines using interchangeable parts, which made it possible to put the cars together at a much lower cost and with greater reliability and repeatability. The use of a chain driven track to move the vehicles to the workers was unique in the industry and quickly became the preferred method for volume production. As the individual work tasks became simple and repetitive this allowed the use of unskilled laborers who could be quickly trained for a single task but this also removed most of the satisfaction that a worker performing multiple tasks may enjoy. Ford was launched from a converted wagon factory, with $28,000 cash from twelve investors. During its early years, the company produced just a few cars a day at the Ford factory on Mack Avenue in Detroit. Groups of two or three men worked on each car from components made to order by other companies. A Ford Model T, Ford's first car built off a full production line. Enlarge A Ford Model T, Ford's first car built off a full production line. In 1908, the Ford company released the Ford Model T.