Airbus SE will invest more than $1 billion in its manufacturing plant in Alabama in order to meet its target of producing 63 A320 jets per month in 2021.

The European planemaker plans to raise the production rate of the said long-range single-aisle aircraft model at its facility in Mobile, Ala., to seven per month starting 2021, it said.

The investment includes $40 million earmarked for the construction of an additional support hangar on the site.

The initiative, along with continued recruiting for Airbus' A220 manufacturing team, is expected to add 275 jobs at the facility over the year ahead.

Airbus said it is on track to produce more than 130 aircraft in Mobile each year.