Henry Ford revolutionized the automobile industry through innovations like the assembly line which drastically reduced production costs. This allowed Ford to continuously lower the price of the Model T, making cars affordable for the masses. Ford also shared the wealth with his workers by paying them $5 per day and instituted an 8 hour work week. However, Ford failed to evolve the design of the Model T and lost market share as competitors offered more choice in colors and designs and embraced installment selling plans.