Ford Motor Co.'s "Model T moment" this summer represents what could be a revolutionary step for a traditional automaker, industry experts said, but it still amounts to playing catch-up with Tesla Inc. and Chinese rivals.

"I think both are true," Ford CEO Jim Farley acknowledged.

The Dearborn automaker in August introduced its Universal Electric Vehicle Platform and Production System. Executives said the innovations promise more affordable all-electric models that Ford will need to compete globally, hailing them as comparable to the invention of the moving assembly line, which made the Model T the first vehicle accessible to the masses.

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