Ford Motor Company is doubling down on electric vehicles. This week, the company announced that it will launch a new affordable EV, a four-door pickup. The new vehicle will have passenger space similar to a Toyota RAV4 and will feature both a truck bed and a front trunk (“frunk”).

Billed as a "Model T moment" by the company, Ford Motor Company CEO Jim Farley today announced that the automaker will invest $5 billion into its electric vehicle future.

Ford Motor Company will invest nearly $2 billion to convert a longtime auto manufacturing plant in Louisville to build electric vehicles from a new platform adaptable to multiple vehicle types, aiming to launch a mid-sized EV pickup truck by 2027.