South Korean automaker Hyundai Motor Group on Friday confirmed reports that it will build an electric car plant in the U.S., Market Watch reported. The plant, which will be located near Savannah, Georgia, is estimated to cost $5.5 billion.

Georgia Governor Brian Kemp called the deal the largest economic development project in the state’s history.

This will be Hyundai’s first plant in the U.S., specializing in the assembly of electric vehicles, as well as the production of car batteries. The number of employees at it will exceed 8,000.

Construction is planned to start early next year, production will begin in 2025. The annual capacity of the enterprise is planned to be 300 thousand cars. The company did not say what car models the plant will produce.

Earlier, Hyundai promised to invest $7.4 billion in the U.S. by 2025, including in the production of electric cars, modernization of existing plants and technology development.

Last December, US electric vehicle maker Rivian Automotive (NASDAQ:RIVN) also announced plans to build a facility in Georgia. The $5 billion project is expected to create 7,500 jobs.