Ford is planning the construction of a new factory plant focused on electric vehicles, parts and products, specifically vehicle batteries and their new electric pickup truck.

Ford has said that the plant itself will be built in the town of Dearborn, Michigan, as part of the company’s existing Rouge Complex, and that the new factory will open up 300 new jobs as part of the creation of the newest F-series pickup, planned for release mid-2022. Ford’s previous F-series model, the F-150, is scheduled to release in November and is the latest in a series that has been enormously profitable over the years, selling 900,000 vehicles in 2019. This all comes in the wake of a recent study done by the Boston Consulting Group (commissioned by Ford itself) which has claimed that the F-series alone brings in $42 billion to America each year, more money than either McDonalds, Nike and Coca-Cola.

Ford says it will be investing $700 million into the manufacturing process of the unnamed F-series, the first model in the series to be electrically-powered. They also reportedly plan to build a hybrid gas-electric variant with plug-in capability.

Despite the good news that Ford is turning in this direction, their scheduling means they’ll actually be behind several major competitors in the field of EVs. Tesla’s Cybertruck and GM’s electric Hummer pickup are both scheduled for late 2021, while the start-up company Rivian is planning to release its first electric pickups in early 2021. And though Ford probably weren’t too happy when Tesla pitted a Cybertruck against a Ford F-150 in order to humiliate them, it seems as though it might’ve prompted them to take some action and get back in the game.