The term 'FAMOUS LEMON' is a reference to the EDSEL, an automobile model manufactured by Ford Motor Company from 1958 to 1960. The EDSEL was a commercial failure and has since become a symbol of corporate mismanagement and product failure. The EDSEL was named after Henry Ford's son, EDSEL Ford, and was marketed as a mid-priced car between the Ford and Mercury models. Despite its initial hype, the EDSEL was plagued with design flaws and poor sales, leading to its discontinuation after just two years.