Aston Martin has announced that it is creating 750 highly-skilled jobs in South Wales to build its latest luxury car.
Production of the hand-made DBX model will take place at a super hangar in St Athan in the Vale of Glamorgan. The deal is also expected to create hundreds of jobs in the supply chain.
Wales beat 20 other locations to secure the deal - one that it has been trying to get for two years.
Welsh Secretary Stephen Crabb described the news as an "enormous boost" for the Welsh and UK car industry.
The Welsh Government is understood to have contributed to the deal, but has refused to disclose how much of the multi-million pound deal it has funded.
But First Minister Carwyn Jones said: "We will work together in building on the strong foundations of our partnership to nurture a prosperous and rewarding future for this iconic company and its skilled workforce in Wales.
"It is a genuine example of a 'one nation' achievement, with both the UK and Welsh governments working together to attract this prestige manufacturer to Welsh shores."
Work will start on the factory in 2017, with production of the DBX starting three years later.
The car, unveiled at the Geneva Motor Show last year, is an electric 4x4 model expected to cost around £160,000. In order to remain at the luxury end of the car market, Aston Martin has spoken about its need to appeal to more young and female customers. The design team was tasked with creating a car for 'Charlotte' - "an attractive lady, cool, in her 30s".