- The establishment of an electric vehicle production base with an annual capacity of 300,000 units is expected to enhance competitiveness in the North American Market. 

- Through continuous policy support across the entire electric vehicle value chain,  K-EVs are leading the way in the North American Market.

■ The Korea Trade Insurance Corporation (hereinafter referred to as “K-SURE”) announced on Wednesday, Feb.16, that it provided export financing amounting to U$ 1.35 billion (approximately KRW 1.8 trillion: principal amount) for Hyundai Motor Group’s new electric vehicle plant construction project.  

○ The project aims to build an electric vehicle plant with an annual capacity of 300,000 units in Bryan County, Georgia, to strengthen the competitiveness of electric vehicles in the North American region. 

○ The production facility operation had commenced in October 2024, and a commemoration event to celebrate the production of the first Ioniq 5 model was held on Feb. 3. 

■ The K-SURE’s financial support for this project is expected to strengthen global market competitiveness by aiding the construction of an EV production base in the North American region, one of the largest automotive markets.

○ In particular, it is anticipated that local production in the U.S. will allow Hyundai to benefit from tax incentives under the Inflation Reduction Act (IRA), which will be likely to improve price competitiveness in the U.S. market.  

○ Additionally, the electric vehicle plant to be completed thanks to this financial support, is designed to not only produce electric vehicles that contribute to the reduction of carbon emissions, but also to operate using 100% renewable energy, thereby contributing to the development of environmentally friendly industries.

■ The electric vehicle industry, one of the advanced industries* designated by the government requires large-scale initial investment for market dominance, given its economies of scale. K-SURE is committed to continuously providing financial support to help K-EVs lead the global market. 

* Advanced industries selected by the government (as of March 2023): Future cars, semiconductors, displays, secondary batteries, biotechnology, robotics.  

○ K-SURE had previously provided U$ 940 million in financing in 2023, actively supporting the entire value chain encompassing both upstream and downstream of electric vehicles. 

■ K-SURE Chairman and President Jang Young-jin expressed, “It is very meaningful for us to support the construction of a production base for the North American electric vehicle market, which is forecast to see rapid growth.  

○ “Moving forward, we will focus all our efforts on helping our companies, including small and medium-sized enterprises, expand their market share in the North American region where EV demand is increasing by leading the joint expansion of both upstream and downstream industries.”