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 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 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.