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 Monday at Ford’s Louisville Assembly Plant which, after producing gas-powered vehicles for 70 years, will be converted to manufacture electric vehicles.

“We took a radical approach to solve a very hard challenge: Create affordable vehicles that are breakthrough in every way that matters — design, technology, performance, space and cost of ownership — and do it with American workers,” Ford CEO Jim Farley said in a release.

The Big Detroit automakers have continued to transition from internal combustion engines to EV technology e

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