The U.S. state of Georgia and local governments will give one-point-eight billion dollars in tax breaks and other incentives to Hyundai Motor in exchange for the South Korean automaker building its first U.S. plant dedicated to electric vehicles near Savannah.

The Associated Press said this is according to a signed agreement disclosed Friday. 

The deal calls for Hyundai to invest five-point-five billion dollars in its Georgia plant and hire 81-hundred workers in what is the largest economic development deal in the state’s history.

In return, the carmaker will receive property and income tax exemptions and other incentives in land, infrastructure and equipment purchases. 

According to the AP, Hyundai plans to start construction next year and begin producing up to 300-thousand vehicles per year from 2025.