Ford plans to invest nearly $2 billion in its Kentucky, US assembly plant to produce electric vehicles with the aim of outcompeting rival models.

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.

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.