GEORGIA: Hyundai Motor Co. has received a substantial financial boost for its electric vehicle (EV) factory currently under construction in Georgia, with a $1.35 billion trade finance package from the Korea Trade Insurance Corp.
According to Yonhap News Agency, the state-run insurer announced the funding on Wednesday, stating that the financial support is designed to bolster Hyundai’s capacity in the burgeoning North American EV market. The production facility, situated in Bryan County, is expected to have an annual capacity of producing 300,000 electric vehicles once operational.
The support from Korea Trade Insurance Corp. is part of broader efforts to enhance Hyundai’s competitiveness in North America. This is particularly significant as vehicles produced at this new facility will be eligible for benefits under the U.S. Inflation Reduction Act, which could make Hyundai’s EVs more attractive to consumers by reducing costs.
Hyundai is currently conducting a pilot run of the production line, with full comp
letion of the plant scheduled for 2025. The establishment of the EV factory is anticipated to play a crucial role in Hyundai’s strategy to increase its market share in the electric vehicle sector across North America.