Canadian auto parts manufacturer Magna International Inc (MGA-US) said on July 20 that it will invest 790 million US dollars to build 3 new supplier factories , two of which will be located at Ford Motor (F-US)'s Blue Oval City, Tennessee campus.
Current suppliers are racing to meet automaker requirements. Automakers have been trying to ramp up production of electric vehicles as demand for environmentally friendly vehicles has surged.
The Canadian company issued a statement saying that Magna's plant will support production of Ford's second-generation electric truck. One plant on Ford's campus will produce the truck's battery housings, while another will produce polyurethane foam and seats.
Ford said in March that it would produce up to 500,000 electric trucks a year at its Blue Oval City campus under construction. The plant will assemble multiple versions of Ford's next-generation F-Series electric pickup, which the company calls Project T3.
In May, Ford also unveiled an ambitious strategy to boost sales of electric vehicles and turn a profit, but it faces the challenge of cutting $7 billion in costs.
Magna says the third plant in Lawrenceburg will produce frames.
All 3 factories are scheduled to start production in 2025. The investment is expected to create as many as 1,300 jobs, Magna said.
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