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.

The Dearborn, Michigan-based company on Monday said it will invest $2 billion to modernize its Louisville Assembly Plant and another $3 billion to build a new battery plant in Michigan, part of its push to produce more affordable EVs.

The company unveiled its new "universal EV platform" at a Monday event, with Ford CEO Jim Farley calling it "the most radical change on how we design and how we build vehicles at Ford since the Model T," which Ford introduced in 1908.

According to Ford, the new assembly line will be structured more like an "assembly tree," with three different lines

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