Theresa May says Sir James Dyson has given the UK a "vote of confidence" with the announcement he is building a second technology and research hub in Wiltshire.
Dyson already has its HQ in the region, in a campus-style site in Malmesbury, and the BBC says the new facility, being built on a 517-acre former Ministry of Defence airfield at Hullavington, will effectively be a "second tech campus".
While the company has not revealed how much will be invested at the site, "the group has pledged to pump £2.5bn into future technologies," adds the BBC.
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Dyson last September announced it would spend £250m revamping its main site at Malmesbury, which included plans for its own in-house university, the Dyson Institute of Engineering and Technology.
As for what will be built at the new site, Malmesbury Mayor Wayne Jones said: "[Dyson] bought a battery company a couple of years ago so there is talk it will involve some sort of battery production or vehicle production.
"My gut feeling is he'll go down the electric car route."
It was reported last April that a first draft of the government's national infrastructure plan included a reference to funding for Dyson's work on an electric car, which was based around the development of a new battery.
The Prime Minister said the plans were a "vote of confidence in our modern industrial strategy and our determination to cement the UK's position as a world leader in high-tech engineering".
She added: "Dyson's exporting strength and commitment to creating jobs in Britain is a real success story that demonstrates the opportunity that our plan to create a truly global Britain can present," reports Sky News.
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