Toyota Motor Corp. is set to invest $1.25 billion and create 1,750 jobs with a new electric-vehicle battery plant in rural North Carolina, according to a public incentives deal approved Monday.

State and local governments offered an incentive package of more than $435 million over 20 years if the project in Randolph County meets investment benchmarks. The new plant, called Toyota Battery Manufacturing, North Carolina, is slated to start production in 2025. The jobs would pay roughly $62,000 a year on average, according to the state.

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