Automakers Eye An Electric Future: GM, Ford To Be All Electric By 2040

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(CBS DETROIT) - Despite the slowdown, electric vehicles are proving to be the future for automakers.

It's a multi-billion dollar venture for nearly every major automaker now.

GM and Ford are spending big to build new EV plants or remodel existing ones.

These new factories have to be retrofitted with special production tools to handle electric vehicles.

While it does cost a lot of money, it also brings a lot of jobs.

This comes just days after Ford announced a $1 billion investment into new plants in Kentucky and Tennessee, bringing 11,000 new jobs there.

Both GM and FORD plan to have an all-electric lineup by 2040.