Home National news Memphis Regional Megasite lands $5.6 billion investment from Ford Motor Company and SK Innovation

Memphis Regional Megasite lands $5.6 billion investment from Ford Motor Company and SK Innovation

by PRIDE Newsdesk

Rendering of new Ford Plant.

Ford Motor Company has selected the Memphis Regional Megasite for one of the largest battery and vehicle manufacturing campuses in the U.S.

“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 Gov. Bill Lee. “This is a watershed moment for Tennesseans as we lead the future of the automotive industry and advanced manufacturing.”

“Tennessee is playing a key role in leading American advanced manufacturing, and we are thrilled to make this historic investment in West Tennessee to create Blue Oval City,” said Lisa Drake, Ford North America chief operating officer.    “This once in a generation investment will create thousands of high-quality jobs and support America’s transition to electric vehicles. Tennessee will play a critical role as Ford continues to lead the electric vehicle revolution, tackle climate change, and create the jobs of tomorrow, and we look forward to working to create the future together.”

Ford and SK Innovation will invest $5.6 billion to build a 3,600-acre mega campus called Blue Oval City on the Memphis Regional Megasite, where production of next generation all-electric F-Series trucks will begin in 2025. The project will result in the creation of 5,800 new jobs in West Tennessee.

Blue Oval City will be designed to be the largest, most advanced and most efficient automotive production campus in Ford’s history. The campus will include the Ford assembly plant, a supplier park and a battery manufacturing plant operated by BlueOvalSK, Ford and SK Innovation’s joint venture. The site will become a vertically integrated ecosystem with key suppliers and battery manufacturing on the same campus where Ford will assemble next generation all-electric F-Series trucks.

“I am overjoyed that the Ford Motor Company has selected our state to be a major part of the electric car revolution,” said House Democratic Leader Karen Camper. “My thoughts go to my many colleagues in the legislature and throughout various administrations who had the vision to appropriate funds and develop this parcel of land in West Tennessee for just such an opportunity. We were tenacious and had faith that this day would arrive. The Memphis megasite has attracted the right tenant at the right time and I want to thank everyone throughout the years who worked to make this possible.

“Good jobs are key to a strong society. The investment that Ford is making in our communities and in our state will be a partnership that will strengthen our state for decades to come. While the more than 5,000 new jobs and the estimated economic growth worth billions will be transformative for the area. It’s equally important that this is a project that is forward-looking both for the people of the region and for the health of the planet. Electric vehicles are the future. Today’s announcement shows the world that Tennesseans are ready to work to make that future a reality.”

In addition to the multi-billion dollar investment from Ford, the state of Tennessee intends to offer an enhanced incentive totaling more than $500 million for successful completion of the project. Economic analysis projects the Ford buildout of the Memphis Regional Megasite will result in significant job and gross state product gains. The Center for Economic Research, a division of the Tennessee Department of Economic and Community Development projected the following:

  • The project is anticipated to generate more than 27,000 new jobs, both directly and indirectly, to support the site’s operations. This will result in more than $1.02 billion in annual earnings.
  • This project is anticipated to contribute $3.5 billion each year to Tennessee’s gross state product.
  • This project is also expected to generate temporary construction benefits including $5.6 billion spent on land, buildings, and other real property improvements. Additionally, more than 32,000 jobs are expected to support the construction period, with around $1.87 billion in salaries related to construction activity.

Gov. Lee has called for the Tennessee General Assembly to convene on Monday, October 18, for a special session to address funding, buildout and oversight of Ford Motor Company’s historic $5.6 billion investment at the Memphis Regional Megasite.

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