Ford says it will invest nearly $2 billion to retool a Kentucky plant to produce electric vehicles. The automaker says the goal is to produce EVs that are more affordable, profitable to make and outcompete rival models.

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.

Ford on Monday announced it would invest $2 billion in a Louisville, Kentucky, assembly plant aimed at rolling out more affordable electric vehicles. The investment comes on top of $3 billion already planned for a battery park in Michigan.