British car maker Aston Martin has completed the purchase of the land that will host its new factory in South Wales, where it will build its new DBX model.
Work on the site, in St Athan, Vale of Glamorgan, has already begun to build offices, reception areas and a staff restaurant and production of Aston Martin's new model will begin in 2020.
Group chief executive Andy Palmer described the deal as a pivotal moment for Aston Martin, which will employ 750 highly-skilled workers on the site.
"The exchanging of this contract, giving us first access to the St Athan facility, is a milestone in our 103-year history," he said.
"Work now starts in earnest to turn our plans into reality."
Welsh First Minister Carwyn Jones said he was delighted the car-maker had chosen to build a new factory in Wales.
"Aston Martin's move here is fantastic news for the Vale of Glamorgan and surrounding areas, and will provide a real boost to the local economy, resulting in thousands of high quality jobs both within Aston Martin and the wider supply chain," he said.
Secretary of State for Wales Alun Cairns MP added that Aston Martin's decision to invest in Wales sent a "clear message" to worldwide firms that Wales was open for business.
"We have created the ideal conditions for economic growth, which helped attract this unique and innovative car manufacturer to South Wales," he said.
"Today's announcement reflects the excellent infrastructure, a world class talent pool and businesses that have the confidence to expand in Wales."
The company added the second stage of its project will begin in April, when Aston Martin will take control of the three Ministry of Defence "super hangars" that will house the new manufacturing plant.