Ford named No. 1 most iconic American company in nationwide survey: 'Making people's lives better'

Ford Motor Company has been named the No. 1 most iconic company in America, according to a new ranking by Time magazine and global data platform Statista.

The recognition, based on a nationwide survey of U.S. residents, places the Michigan-based automaker at the top of a list of 250 American companies that not only have achieved commercial success but also have played a "vital role in shaping culture and society," Time magazine reported.

"Just as my great-grandfather put the world on wheels to give people the freedom of movement, our approach to the modern era is rooted in that same spirit," Ford Motor Company Executive Chair Bill Ford said in a statement. "Innovation is not just about building batteries or technology for its own sake; it is about making people’s lives better."

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Bill Ford emphasized the company’s focus on American workers, noting that Ford Motor Company is the largest hourly auto employer in the U.S.

"We are leveraging our position as the largest hourly auto employer in the U.S. to ensure that the future of transportation is built by American workers for everyday American families," he said.

Founded in 1903, Ford Motor Company is credited with transforming modern manufacturing through the assembly line — an innovation that made vehicles affordable for everyday Americans and reshaped the development of cities and suburbs across the country, according to Time magazine.

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"Now, it’s being put in a position to redefine the future of mobility in the country, as it experiments with self-driving cars, and works to bring down prices on its electric vehicles," Time magazine wrote.

Other companies rounding out the top 10 include Apple, the Coca-Cola Company, Walmart, Amazon, McDonald’s, General Motors, Microsoft, Google, Nike and the Walt Disney Company.

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Last month, the CEO of Ford Motor Co. expressed his praise for the Trump administration's plan to make automobiles affordable.

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"What you should know is that this is a victory for affordability and common sense. As the president said, we will be able to offer more affordability on our popular models, and we'll be able to launch new vehicles built in America that are more affordable because of this rule change," Ford CEO Jim Farley said on "Fox & Friends" on Dec. 4.

FOX Business' Kristen Altus contributed to this report.