Magna International works in a multitude of automotive industry sectors, supplying components for many vehicles, both fossil fuel-powered and electric, and its subsidiary, Magna Steyr, builds EVs like the Jaguar I-Pace and Fisker Ocean. Worldwide, the firm operates 342 facilities, playing a significant role in the global auto industry.
On July 21, the Canadian-based automotive firm announced it will spend $790 million to construct three new manufacturing facilities in Tennessee, all three of which will be up and running by 2025.
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 within Ford's Tennessee manufacturing campus, dubbed BlueOval City, 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 said BlueOval 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.
Tennessee has become a little-known automotive powerhouse, as Ford and Magna join GM, Volkswagen, Nissan and others in the southeastern state.
