NEW YORK (CNNMoney) -- Toyota will move some of its Lexus production to its plant in Georgetown, Ky. -- a move which is expected to create 750 new jobs, the company announced Friday.
Toyota Motor President Akio Toyoda announced that the company would build the Lexus ES sedan at the Kentucky plant where Toyota currently builds Camry, Camry Hybrid, Avalon Hybrid and Venza models.
"Lexus was founded in the United States, so it is only fitting that we are bringing the production of luxury sedans for our U.S. customers back to where the brand was born," said Toyoda, in a press conference.
The company does not currently build any Lexus models in the United States. It plans to begin making Lexus cars at the plant in 2015, adding 50,000 vehicles per year to the factory's production.
In a bid for the expansion, Kentucky gave Toyota nearly $150 million in state and local tax incentives, according to state documents.
The company said it is investing $360 million in into the factory.
The state unemployment rate currently stands at 7.9%, slightly higher than the national average of 7.7%. Scott County, where the plant is located, has an unemployment rate of 7%.
The plant is located on a 1,300-acre plot, and has a capacity to build 500,000 vehicles and engines, making it Toyota's first and largest factory in North America, according to state documents.