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.

“In our careers, as automobile people, we’re lucky if we get to work on one, maybe two, projects that really change the face of our industry,” CEO Jim Farley told plant workers in Kentucky on Monday. “And I believe today is going to light the match as one of those projects for all of us here.”

The Big Detroit automakers have continued to transition from internal co

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