Ford unveiled a new assembly line on Monday, which CEO Jim Farley called the most radical change at Ford "since the Model T."

The automaker’s top executive unveiled the new EV strategy at Ford’s Louisville Assembly Plant which, after producing gas-powered vehicles for 70 years, will be converted to manufacture electric vehicles.

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.