 Ford Chairman Henry Ford II himself purchased a 1971 Runabout (hatchback) to use as one of his personal cars.Initial planning for the Pinto began in the summer of 1967, was recommended by Ford's Product Planning Committee in December 1968, and was approved by Ford's Board of Directors in January 1969.Ford President Lee Iacocca wanted a 1971 model that weighed under 2,000 pounds and that would be priced at less than US$2,000.