Ford has announced an enormous $5billion (£3.7billion) investment into electric cars as the manufacturer looks to accelerate its development of a new EV platform.

Ford will be "betting on America" with the $5billion investment, which will create or secure almost 4,000 jobs at its Louisville Assembly Plant and BlueOval Battery Park Michigan factories.

As part of the new development, Ford will deliver a new electric pick-up truck and produce advanced prismatic lithium iron phosphate (LFP) batteries.

The Ford Universal EV Platform will enable the rollout of a range of affordable zero emission vehicles to be produced at scale for customers.

Ford has invested heavily in its electric vehicle offering in recent years | FORD

The first "breakthrough product" will be a midsize four-door electric pick-up truck with a targeted starting price of around $30,000 (£22,380).

It will be developed at the Louisville Assembly Plant, while deliveries will begin in 2027. Ford claims it will be as fast as a Mustang EcoBoost and have more passenger space than the latest Toyota RAV4.

Commenting on the development of the new technology, Ford President and CEO Jim Farley said the brand took a "radical approach" to a very hard challenge.

He added: "Create affordable vehicles that delight customers in every way that matters - design, innovation, flexibility, space, driving pleasure, and cost of ownership - and do it with American workers."

Ford's new electric vehicles are expected to launch in 2027

Ford noted that the new pick-up truck, which has yet to be named, will have a targeted start price similar to the original Model T, when adjusted for inflation.

The new LFP batteries will be assembled in the United States, rather than being imported from China, which President Donald Trump has consistently called for manufacturers to do.

Around $2billion (£1.5billion) of the $5billion package will transform the Louisville Assembly Plant and secure 2,200 jobs.

The remaining $3billion (£2.2billion) will go to the BlueOval Battery Park Michigan plant, which will create 1,700 jobs to assemble the new LFP batteries.

Farley noted that the new EV platform will reduce parts by 20 per cent, include 25 per cent fewer fasteners and reduce assembly time by 15 per cent.

Ford notes that the new pick-up truck model will have a lower cost of ownership over five years than a three-year-old used Tesla Model 3.

The LFP batteries will also enable space and weight savings, in addition to delivering cost reduction and durability for customers.

Doug Field, Ford's chief EV, digital and design officer, said the brand took direct inspiration from the legendary Model T, describing it as the car that "changed the world".

The Ford Puma Gen-E is already one of the most popular electric vehicles in the UK

He added: "We assembled a really brilliant collection of minds across Ford and unleashed them to find new solutions to old problems. We applied first‑principles engineering, pushing to the limits of physics to make it fun to drive and compete on affordability.

"Our new zonal electric architecture unlocks capabilities the industry has never seen. This isn't a stripped‑down, old‑school vehicle."

The massive investment has been backed by Kentucky Governor Andy Beshear, who said it placed Ford and the state of Kentucky at the heart of the future of automotive production.

The Louisville Assembly Plant will be expanded by 52,000 square feet to accommodate the new investment and shifting focus of the Ford brand.