Home   >   Business   >   Hyundai Motor granted US$1.35 bln trade finance for EV factory in Georgia

Hyundai Motor granted US$1.35 bln trade finance for EV factory in Georgia

October 16, 2024

The state-run Korea Trade Insurance Corp. said Wednesday that it has granted trade finance of US$1.35 billion to Hyundai Motor Co. for the ongoing construction of an electric vehicle plant in the U.S. state of Georgia.

The financial support is aimed at assisting the construction of the EV plant in the North American market, the state-run company said in a statement.

The production line, located in Bryan County, Georgia, will be capable of producing 300,000 EV units per year.

Hyundai is currently in the process of conducting a pilot run for the production line, with the official completion scheduled for 2025.

The plant is anticipated to help Hyundai Motor gain price competitiveness in the North American market, as cars produced on the line are set to be eligible to receive benefits under the Inflation Reduction Act, the insurer added.

This undated file photo provided by the government of Georgia shows Hyundai Motor Co.'s production line under construction in the U.S. state. (PHOTO NOT FOR SALE) (Yonhap)
This undated file photo provided by the government of Georgia shows Hyundai Motor Co.’s production line under construction in the U.S. state. (PHOTO NOT FOR SALE) (Yonhap)