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.

The Ford Model T was produced from 1908 to 1927 and is noted as being the first mass-produced, affordable vehicle. Its low cost was greatly attributed to its assembly line construction, which produced the vehicles faster than their paint could dry.

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