Jaguar Land Rover (JLR) confirmed Friday that it will put $1.5 billion towards a car plant in Slovakia, a move that will mark one of the biggest-ever foreign direct investments in the central European nation.
The British luxury carmaker said that it will begin construction for the factory, which will be in the western Slovak town of Nitra, in the spring of 2016 and create jobs for around 2,800 people, according to Autoblog.
Other locations that were reportedly considered for the plant's home included Europe and North America, particularly Georgia. While JLR didn't say exactly what vehicle it will build at the factory, it did say that that it will be an all-aluminum model.
"The new factory will complement our existing facilities in the UK, China, India and Brazil and marks the next step in our strategy to become a truly global business," JLR CEO Ralf Speth told reporters after signing the deal with the Slovak government in Bratislava, Reuters reported.
JLR will be the latest automaker to open a plant in Slovakia, with others including Volkswagen, Kia and Peugeot Citroen. Its new plant will operate alongside its British factories at Castle Bromwich and Solihull in the English midlands, as well as Halewood in the northwest.
The Slovak government said it approved 130 million euros ($143 million) in state aid for the project, Fortune noted. The move will also provide a positive image of strong economic management for Prime Minister Robert Fico ahead of elections in March.
The 1.4 billion euros will be invested through 2021, when capacity is expected to reach 150,000 cars, and the capacity would grow to 300,000 with an extra 500 million euros.
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