Ford will retool its Louisville Assembly plant beginning later this year to produce vehicles from a new Universal EV Platform starting with a midsize truck for $30,000

Ford will invest $5 billion, including $2 billion at its Louisville, Kentucky factory on top of $3 billion already announced for its BlueOval battery plant. It will expand the Louisville facility by 52,000 square feet and "create or secure" nearly 4,000 direct jobs, Ford added.

Ford intends to challenge Tesla's dominance in the electric vehicle market, outlining ambitious plans with an affordable midsize pickup that's promising a lot.