(The Center Square) – Memphis will be the home of a $5.6 billion, 3,600-acre megacampus called Blue Oval City that will produce Ford’s new F-Series of electric trucks starting in 2025, Tennessee Gov. Bill Lee announced.
The project is expected to create 5,800 jobs at the Memphis Regional Megasite and includes battery manufacturing.
“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,” Lee said in a statement. “This is a watershed moment for Tennesseans as we lead the future of the automotive industry and advanced manufacturing.”
Tennessee will give Ford $500 million in incentives for completion of the project.
Monday's news follows Ultium Cells' announcement in April to bring a $2.3 billion vehicle battery cell plant to Spring Hill.
Lee will join executives from Ford Motor Company and SK Innovation in Memphis on Tuesday to speak more on the Ford project.
“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,” Ford North America Chief Operating Officer Lisa Drake said. “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.”
The new campus will include a Ford assembly plant, a battery manufacturing plant from BlueOvalSK and a supplier park.
Lee's office said the project could generate more than 27,000 new jobs, both directly and indirectly, to support the site’s operations, resulting in more than $1.02 billion in annual earnings. It is estimated the new megasite will contribute $3.5 billion annually to the state’s gross state project and will include $5.6 billion in temporary construction benefits related to land, buildings and other real property improvements.
Lee said he planned to call a special legislative session to address the funding, buildout and oversight of the project.
“West Tennesseans will build the next generation of electric vehicles in America,” state Sen. Raumesh Akbari, D-Memphis, said. “That’s an amazing reality today. It’s actually difficult to overstate the significance of this announcement and the potential for transformative change that an underserved community will see from this historic investment.
"As America gears up to own the electric vehicle marketplace, I will stand in full support of a project that puts our families to work producing these vehicles with good wages and benefits.”