LONDON: US auto giant Ford on Monday unveiled plans to convert a UK factory into its first component assembly site for electric vehicles in Europe.

Ford will invest £230 million ($316 million, 273 million euros) in its Halewood plant on Merseyside in northwest England, the carmaker said in a statement.

Production will start in 2024 in a move expected to safeguard hundreds of jobs.

"This is an important step," said Stuart Rowley, president of Ford of Europe.

"It strengthens further our ability to deliver 100 percent of Ford passenger vehicles in Europe being all-electric and two-thirds of our commercial vehicle sales being all-electric or plug-in hybrid by 2030."

The investment includes state support via the UK government's Automotive Transformation Fund.

"Today's announcement, backed by government funding, is a huge vote of confidence in Britain's economic future and our plans to ramp up electric vehicle production," added Business Secretary Kwasi Kwarteng.