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.

Ford is promising to unveil a major electric vehicle that CEO Jim Farley described as a "Model T Moment" during a financial earnings call this week. As reported by InsideEVs, Farley said that car manufacturer will reveals its plans to build a "breakthrough" EV, alongside a new plaform, during an August 11 event in Kentucky.

Jim Farley, Ford's CEO, has touted this as a "Model T moment" -- but the first of these new EVs won't come out until 2027.