Lee Iaccoca was born on October 15,1924, currently age 84. He was an important man for the automotive industry, from 1964-1990. At the age ou forty he created the first nationally known, Ford Mustang. The reason he created this car was to compete with General Motor's (GM) American Muscle car.
Although he had made several vehicles for the Ford Motor Corporation, the one he is most commonly known for was the first generation Ford Mustang. The importance to society of the invention was that not only Chevrolet put out a muscle car (the popular car of the era), but now they could choose from another line of muscle cars. The car was originally based off of the ford falcon frame and body style. The main idea of the car was to put out a cheaper, but better, car than Chevrolet could and be able to compete in all categories with other car manufacturers.
The Ford Motor Company was able to reduce production cost on the Mustang and sell it for 2,368 dollars, where as the Chevell was sold for 3,000 dollars and up. So not only would it compete in power and speed, but the priceto get one was also alot cheaper than the common Chevelle. The first generation Mustang was sold for under 3,000 dollars, and its era was 1964-1973. Due to the supply and demand of the Mustang the original idea of only producing 100,000 went out the window, in fact during the first year they produced over 1,000,000.
Lee Iacocca was also responsible for the revival of the Chrysler Corporation.
