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 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.

Ford executives will make an announcement at the Louisville Assembly Plant Aug. 11. The live announcement is expected to begin around 10:20 a.m. Ford CEO Jim Farley will be joined by other Ford executives, Kentucky and other officials.