will.i.am has announced the launch of his own car company.

The 7-time grammy award winner, who is gearing up for the release of his solo album ‘#willpower’, announced the company while speaking on NBC’s ‘The Tonight Show with Jay Leno’.

The company’s first car, called ‘I.AM.AUTO’, will be developed in partnership with Chrysler to ensure the car meets all legal and safety standards; and will come with a range of added extras, including a Beats by Dre sound system to bump the latest will.i.am tunes while you’re driving.

Speaking about his motivation for starting the company, the Black Eyed Peas singer said he hopes to breathe life into the East Los Angeles economy, telling Leno:

“I invested my money in building my own vehicle because I want to bring jobs to the ghetto that I come from”

“I invested in making a demo to start the Black Eyed Peas. We did that and now I want to invest to have a car company in the neighborhood where I come from.”

The new car shares the name of a 1958 Corvette Will.I.Am redesigned and had West Coast Customs create for him earlier this year.

‘#willpower’ is due for release February 14, 2012 and will feature a long list of guest artists, including Jennifer Lopez, Mick Jagger, Nicki Minaj, Cheryl Cole, Sergio Mendes, and Busta Rhymes.

Watch the full interview with Leno, and a performance on will.i.am’s ‘T.H.E. (The Hardest Ever)’ below: