1902 Henry M. Leland establishes the Cadillac Automobile Company1909 Cadillac purchased by General Motors1914 Cadillac introduces V-8, sells 13,000 in first year1917 Leland establishes Lincoln Motor Company, immediately receives contract to build V-12 Liberty aviation engines1917 Lincoln produces first automobile, the V-8 powered luxury Model L1922 Lincoln sells only 150 cars1922 Ford Motor Company acquires Lincoln1923 Lincoln sales rise 45% 1930 Lincoln phases out L series; introduces K-Series powered by 384 cubic inch (6.3 L) 60° V-8 producing 125 hp1931 Cadillac introduces V-12 road car for $800 less than V-8 Lincoln1932 Ford introduces 221 cubic inch (3.6 L) 90° Flathead V-8 producing 65 hp1932 Lincoln introduces 447.9 cubic inch (7.3 L) 65° L-head V-12 producing 150 hp (112 kW); K-Ser