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.

Ford will invest $5 billion, including $2 billion at its Louisville, Kentucky factory on top of $3 billion already announced for its BlueOval battery plant. It will expand the Louisville facility by 52,000 square feet and "create or secure" nearly 4,000 direct jobs, Ford added.