By Michael Elkins

Hyundai Motors, OTC:), announced today that it had reached an agreement to construct its first full-electric vehicle in Georgia and a battery manufacturing plant.

The future factory was the scene of a ceremony that saw the signing. Governor Brian Kemp, along with company officials, outlined plans for the factory’s operations on the nearly 3,000-acre property. Hyundai is expected to spend $5.54 Billion on the project, and the company plans to hire approximately 8,100 people.

“As one of the world’s most successful and advanced mobility leaders, we are incredibly proud to share our plan to open our first dedicated full EV and battery manufacturing facilities in the U.S.,” Hyundai Motor Group Executive Chair Euisun Chung said in a news release. “The U.S. has always held an important place in the Group’s global strategy, and we are excited to partner with the State of Georgia to achieve our shared goal of electrified mobility and sustainability in the U.S.”

As part of the company’s plans to invest $7.4 billion to expand electric vehicles in the U.S. by 2025, Hyundai officials said that they plan to break ground on the facility in 2023 with plans to begin production by 2025. According to plans, the factory can produce 300,000.

Hyundai will also construct batteries in-house with a joint venture partner, which will be disclosed later.