Ford's Model T was one of the primary catalysts that sparked the automotive industry — and the automaker's current CEO, Jim Farley, seems to be hoping to channel some of that energy 100 years later, as Farley says the Blue Oval's next electric vehicle will be the brand's modern "Model T moment."

Ford to unveil a new U.S.-built, low-cost EV on August 11, marking a major shift in its electric vehicle strategy and product lineup.