Ford Motor Company announced on Monday that the Memphis Regional Megasite will be the location of a new electric vehicle and battery manufacturing facility.
The decision by the automobile manufacturer will invest a total of $5.6 billion in the area, as the group builds a 3,600-acre campus called Blue Oval City.
Furthermore, the investment will bring approximately 5,800 new jobs in West Tennessee, according to the Tennessee Department of Economic and Community Development.
In addition to the direct investment, the state estimates that the decision will produce thousands of additional jobs and revenue for the state.
“West Tennessee is primed to deliver the workforce and quality of life needed to create the next great American success story with Ford Motor Company and SK Innovation,” said Governor Bill Lee. “This is a watershed moment for Tennesseans as we lead the future of the automotive industry and advanced manufacturing.”
Lee also detailed that he will call a special legislative session in order for state lawmakers to approve nearly $500 million in incentives.
Leaders from the region and across the state praised the investment.
“Gov. Lee has been steadfast in his support and determination to identify and secure a tenant for the Memphis Regional Megasite. He has provided strong leadership throughout the process of obtaining Ford Motor Company’s historic investment into West Tennessee. I am thankful members of the General Assembly, local elected officials and communities impacted by this significant announcement never lost hope that this day would come. The thousands of high-quality jobs created will reshape the entire region’s economy and transform the lives of families – both now and for future generations,” described House Speaker Cameron Sexton (R-Crossville).
“Today is a pivotal moment for Tennessee, especially West Tennessee. This will change the economic trajectory for our region of the state and will provide good jobs and great quality of life for many families with an excellent above average income,” added Rep. Ron Gant (R-Rossville).
– – –
Cooper Moran is a reporter for the Star News Network. Follow Cooper on Twitter. Email tips to [email protected].
Photo “Ford EV Trucks” by Ford Motor Company.
[…] new partnership expands the company’s investment in the state. Previously, the organization committed $5.6 billion to develop a 3,600-acre campus called Blue Oval City, which will hold an electric […]
[…] manufacturing has produced billions in additional investments. In Tennessee, Ford Motor Company announced a $5.6 billion endeavor to establish an electric vehicle and battery manufacturing facility. […]
[…] development by Ford, known as Blue Oval City, will invest a total of $5.6 billion in the area, as the group builds a 3,600-acre […]
And the Tennessee taxpayers get shafted once again.
Well, I don’t agree with or support government-funded ECD, but that ship has already sailed. I also don’t agree with or support a government coerced migration to electric vehicles. BUT, if we are going to have both, and it appears that we will, anything that keeps manufacturing, especially high tech links in the supply chain in America, I whole heartedly support!
“$500 million in incentives.”
Translation: Tax breaks
Once the tax break moratorium is over, the company moves to another state. Great…..great job Gov Lee. Great job on selling out the middleclass.
Correct headline: TN buys new Ford factory with 500 million dollars of hard earned taxpayer money.