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.

In what CEO Jim Farley called a 'Model T moment,' the company that popularized assembly lines is turning in a new direction for electric vehicles.

Ford said its combined investment of about $5 billion at the Kentucky assembly plant and Michigan battery plant is expected to create or secure nearly 4,000 direct jobs between the two plants while strengthening the domestic supply chain with dozens of new U.S.-based suppliers.