Google is currently testing driverless cars in the U.S., while speculation has been rife that Apple could be producing a vehicle of its own. The auto industry has been a big focus for technology companies as they begin to expand past their core business.
At the same time, traditional automakers have been trying to bolster their own tech capabilities. Earlier this year, a consortium of German carmakers made up of Daimler, BMW and Audi, bought Nokia's HERE mapping system which is seen as a key component for driverless cars.
Ford said that the auto industry is ripe to undergo a revolution, adding that this is now beginning.
"I mean if you look at the business model of our industry…it really didn't change a lot, it certainly evolved…but compared to other industries where there was a series of revolutions," Ford said.