Jaguar Land Rover will invest 200 million pounds ($324.08 million) in its Castle Bromwich factory in England to build the new F-Type convertible sports car, a British newspaper report said.
The investment will boost capacity at the plant by 50 percent and create up to 1,000 jobs, the Daily Telegraph said on Thursday. The plant, near Birmingham, currently builds the Jaguar XJ luxury sedan, XF sport sedan and XK coupe and convertible models.
The two-seat F-Type will be Jaguar's fourth model and will go on sale in mid 2013. It's based on the C-X16 concept car first shown at the 2011 Frankfurt auto show.
No pricing has been disclosed, but the car is expected to compete with high-end versions of the Porsche Boxster. The Boxster S model costs 59,120 euros in Germany ($77,677). A coupe version of the F-Type will follow in 2014, according to company sources.
Jaguar Land Rover owners, Tata Motors, has said it will double its annual spending on product development and capital expenditure for its two British luxury brands to 1.5 billion pounds ($2.4 billion) over five years to expand the product lineup by 40 new or upgraded vehicle models.
Reuters contributed to this story