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Ford on Monday announced it would invest $2 billion in a Louisville, Kentucky, assembly plant aimed at rolling out more affordable electric vehicles.

The investment comes on top of $3 billion already planned for a battery park in Michigan. Together the facilities will create or secure nearly 4,000 new jobs, Ford said in a news release.

"We took a radical approach to a very hard challenge: Create affordable vehicles that delight customers in every way that matters – design, innovation, flexibility, space, driving pleasure, and cost of ownership – and do it with American workers," Ford CEO Jim Farley said in the release.

The Detroit automaker's new "Universal EV Program" centered around low-cost EVs will start w

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