Magna International works in a multitude of automotive industry sectors. Magna International supplies components for many vehicles, both fossil fuel-powered and electric. Magna's subsidiary, Magna Steyr is an actual vehicle manufacturer, building certain electric vehicles like the Jaguar I-Pace and Fisker Ocean. Worldwide, the firm operates 342 facilities. To say the least, Magna plays a significant role in the global auto industry.
Today, the Canadian-based automotive firm announced it will spend $790 million to construct three new manufacturing facilities situated within Tennessee. Magna says that by 2025, all three of its upcoming TN plants will be up and running.
One of its plants will be in Lawrenceburg, a small town located almost equidistant from Memphis and Chattanooga. The other two plants will be constructed just within Ford's Tennessee manufacturing campus, dubbed Blue Oval City. Blue Oval City will reside northeast of Memphis.
The facility located in Lawrenceburg will specialize in building frames and the other two at the campus will focus on battery enclosures, seats, and other components specific to Ford vehicles.
For Ford, the localization of components will likely expedite build times and reduce costs. The American automaker says that Blue Oval City can produce half a million EVs annually once it's up and running.
As for Magna, its facilities can generate 1,300 jobs for the local area. Considering these recent investments, Tennessee is a little-known automotive powerhouse. Ford and Magna join GM, Volkswagen, Nissan, and others in the southeastern state.
Gallery: Ford's Blue Oval City in Tennessee
