LOUISVILLE, Ky. (AP) — 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 automaker’s top executive unveiled the new EV strategy at Ford’s Louisville Assembly Plant which, after producing gas-powered vehicles for 70 years, will be converted to manufacture electric vehicles.

The new platform enables a lineup of affordable vehicles to be produced at scale, Ford said.