Ford announced Monday it will invest $2 billion and secure nearly 2,200 jobs in a Louisville, Ky., assembly plant that will build affordable electric vehicles.

LOUISVILLE, Ky. (AP) — Ford Motor Co. will invest nearly $2 billion retooling a Kentucky factory to produce electric vehicles that it says will be more affordable, more profitable to build, and will outcompete rival models.

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