By Sara Powers

(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.

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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.

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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.

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