Magna to invest $790 million to build 3 new plants in Tennessee

Magna's $790M Investment in 3 Plants

Magna International Inc, a Canadian auto parts manufacturer, announced on Thursday that it will invest $790 million in three new supplier sites, two of which will be at Ford Motor Co’s BlueOval City complex in Tennessee.

The revelation comes as suppliers scramble to meet automakers’ requirements, which have been rushing to increase their electric car output as demand for environmentally friendly vehicles rises.

Magna’s facilities will assist in the production of Ford’s second-generation electric truck, according to a statement from the Canadian business. One factory on Ford’s site will produce battery enclosures for the truck, while another will produce polyurethane foam and seats.

Ford announced in March that it intends to create up to 500,000 electric trucks per year at its BlueOval City complex, which is now under development. The complex will construct multiple variants of Ford’s Project T3 next-generation F-series electric truck.

In May, the Detroit-based manufacturer also outlined an ambitious strategy to financially ramp up EV sales, despite the difficult task of cutting $7 billion in costs.

According to the corporation, a third Magna factory in Lawrenceburg will construct car frames. All three plants are set to commence production in 2025. Magna estimates that the investment will generate up to 1,300 jobs.

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