Ford recently announced the latest phase of its plan to largely electrify its entire lineup in the coming years – a $7 billion investment to construct a host of new plants, including $5.6 billion for Blue Oval City in Stanton, Tennessee – which will produce a next-generation electric Ford F-Series pickup, as well as batteries to power future EV models. However, the automaker was still waiting for Tennessee lawmakers to sign off on final approval for an $884 million spending package that would seal the deal, and now, that has officially happened, according to Tennessean.
The package breaks down into $500 million earmarked for incentives that will go directly to Ford, along with $384 million that will fund infrastructure projects, authority expenses, workforce development, and other services. The corresponding bill that goes along with the funding package also establishes an authority that will oversee the development of the Memphis Regional site, which will be located in Haywood County. The money will come from Tennessee’s current surplus, which sits at $2.1 billion.
“This single-largest investment in state history marks a tremendous win for rural Tennessee and will strengthen our workforce for generations,” Governor Bill Lee said in a statement. “The special session has given Tennesseans clear visibility into the project, and I thank the General Assembly for their legislative action.”
“We thank the State of Tennessee for its partnership and support as we work together to create 6,000 west Tennessee jobs and build Blue Oval City,” Ford North America Chief Operating Officer Lisa Drake said in a statement. “As we embark on this journey, Ford will be a good neighbor and work hard to enrich and give back to the communities we are joining. We look forward to working together to create this future.”
We’ll have much more on Blue Oval City soon, so be sure and subscribe to Ford Authority for ongoing Ford news coverage.
Light’em up boys and girls!
I see this project going the way of GMs Saturn in the 1980s. The project will probably be scaled down and there,will be nowhere near the jobs promised. At least the stock took a jump for a few days.