Ford is committing to Kentucky's third-largest economic development project on record. The nearly $2 billion investment is a vote of confidence in electric vehicles at a time when the market is facing a crossroads.

Ford said its combined investment of about $5 billion at the Kentucky assembly plant and Michigan battery plant is expected to create or secure nearly 4,000 direct jobs between the two plants while strengthening the domestic supply chain with dozens of new U.S.-based suppliers.