Ford Motor Company will invest nearly $2 billion to convert a longtime auto manufacturing plant in Louisville to build electric vehicles from a new platform adaptable to multiple vehicle types, aiming to launch a mid-sized EV pickup truck by 2027.

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.

CEO Jim Farley, as well as other auto executives and Kentucky leaders, introduced the new Ford Universal EV Production System and Ford Universal EV Platform at the Ford Louisville Assembly Plant (LAP) on Monday so they can prepare for the next generation of electric vehicles.