Hyundai broke ground on a new plant near Savannah, Georgia and plans to begin production as soon as 2024.

Automakers are investing in new factories, as well as re-tasking existing ones, in an effort to ramp up EV production. According to Reuters, Hyundai’s upcoming Georgia plant will build 300,000 vehicles annually.

Hyundai global chief operating officer Jose Munoz held out the possibility of eventually hitting an even larger annual target.

“This plant is ready to get up to 500,000 if the demand is there,” Munoz said.

The news follows an announcement by BMW that it would invest $1.7 billion in US-based EV production.