Hyundai MotorFriday’s announcement of plans to spend $5.54 Billion to create the United States’ first fully electric vehicle, and its battery manufacturing facility in America, was confirmed by President Obama.

According to the company, they will be in Bryan County outside Savannah, Georgia. The South Korean automaker claims that the plants will be open by the end of the first quarter of 2025. It has a capacity to produce 300,000 cars annually. About 8,100 jobs are anticipated to be created by the operations.

Global automaker, Ford Motor Company is investing in this latest investment to build new U.S. production and supply chain facilities to make electric vehicles. expected to grow exponentially during this decade.

This is also a significant win for Biden’s administration which has been encouraging companies to set up electric vehicle production and supply chains in America. The President Joe Biden had set a goal last year for EVs in the United States to account for half of all U.S. new auto sales by 2030.

Hyundai announced that Hyundai is intensifying its electrification efforts, with the goal to achieve a global total of 3.23 Million fully-electric vehicles each year by 2030. in a release.

Hyundai said that the company expects to manufacture a large range of electric vehicles for U.S customers at the Georgia EV plant. However, additional information will be provided at a later stage.

Details of the company’s plans were announced by the company. were previously reportedAfter signing an official agreement with Georgia, Details regarding the facilities and incentives offered by state and local governments were not made public.

Hyundai said it selected Georgia “due to a range of favorable business conditions, including speed-to-market, talented workforce, as well as existing network of … affiliates and suppliers.”