Magna to take a position $790 million to construct 3 new crops in Tennessee

Canadian auto components maker Magna Worldwide Inc stated on Thursday it’ll make investments $790 million to construct three new provider services, two of which can be housed at Ford Motor Co’s BlueOval Metropolis campus in Tennessee.

The event comes as suppliers race to fulfill necessities from automakers, who’ve been hustling to spice up their electrical car output as demand for environmentally pleasant autos surges.

Magna’s services will assist manufacturing of Ford’s second-generation electrical truck, the Canadian firm stated in a press release. One facility at Ford’s campus will make battery enclosures for the truck and a second will make polyurethane foam and seats.

Ford in March stated it plans to construct as much as 500,000 electrical vans a yr at its BlueOval Metropolis complicated below building. The complicated will assemble a number of variations of Ford’s next-generation F-series electrical pickup, which the corporate calls Mission T3.

In Might, the Detroit-based automaker additionally unveiled an formidable technique to profitably ramp up EV gross sales although it faces a difficult act of slashing $7 billion in prices.

A 3rd Magna facility in Lawrenceburg will produce car frames, the corporate stated.

Manufacturing in any respect three crops is scheduled to start in 2025. The funding is anticipated to create as much as 1,300 jobs, Magna stated.