McLaren will build a £40 million factory in Surrey to make its new MP4-12C sports car, creating up to 300 jobs.

The 32,000 square metre plant in Woking will be ready in 12 months, and McLaren plans to make up to 1,000 cars next year.

It expects annual manufacturing of cars at the centre to reach 4,000 by the middle of the decade.

Using a one-piece carbon-fibre chassis is enabling McLaren to offer the car for half of the £300,000 price tag that would normally be expected for the type of vehicle.

The company plans to sell the MP4-12C through McLaren retailers in 19 countries, with North America expected to account for 30%-40% of the market.

McLaren Automotive's chairman, Ron Dennis, said: “We have long held the dream of building a range of McLaren high-performance sports cars that take the raw elements of Formula One principles, processes and performance and forge them into a unique package - one that offers customer-focused requirements of quality, efficiency, comfort and reliability.

“Today's announcements confirm our intention to challenge convention at the highest levels of automotive design, from a hi-tech home that I am proud to say will deliver jobs, expertise and innovation in manufacturing and engineering.”