The investment will create hundreds of new jobs in addition to the 1,400 expected upon completion of the new plant.
Leader of the City of Wolverhampton Council, Roger Lawrence, said: "This is great news for the City of Wolverhampton, neighbouring Staffordshire and the wider region. With this huge investment and commitment, Jaguar Land Rover has taken a huge vote of confidence in local communities, local people and their skills.
"i54 and the junction 2 area are playing a vital role in growing the local economy by creating jobs and improving prosperity for local people.
"The benefits of this investment are wide reaching - from supply chain businesses to educational programmes that inspire a new generation.
"On the back of this really positive development, the City of Wolverhampton, Staffordshire County Council and South Staffordshire Council will continue to work hard to attract further investment to the area, support business expansion and increase skills in the local workforce."
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- released: Wednesday 25 November, 2015