The American automaker announced a $5 billion investment into its EV plants, a new electric vehicle platform and an affordable electric truck arriving in 2027.

Ford will invest $5 billion, including $2 billion at its Louisville, Kentucky factory on top of $3 billion already announced for its BlueOval battery plant. It will expand the Louisville facility by 52,000 square feet and "create or secure" nearly 4,000 direct jobs, Ford added.

The automaker said it would spend $2 billion to overhaul a Louisville, Ky., factory to build a new line of affordable, high-tech EVs, and it aims to launch the pickup in 2027.

Ford is investing $5 billion to change the way it makes electric vehicles, a move the automaker says will allow it to manufacture models starting at $30,000 — far less than the current average price for an EV.

Ford plans to invest billions in new electric vehicle production, calling it the company’s “next Model T moment.”