(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.

READ MORE: The Detroit Zoo To Host Its Final Weekend Of Family-Friendly Halloween Event 'Zoo Boo' Oct. 22-24

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.

READ MORE: Kalamazoo Tests For Lead Exposure Following High-Lead Level Reports In Other Michigan Cities

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.

MORE NEWS: Michigan Reports 7,505 New COVID-19 Cases, 118 Deaths

© 2021 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.