- Annual construction of a 35GWh Battery Plant is Expected to Boost Market Dominance in North America.

- Supporting Local Value Chain Establishment in Response to Tariff Policies, Helping Korean Companies Navigate Global Challenges

■ The Korea Trade Insurance Corporation (hereinafter referred to as “K-SURE”) announced on Wednesday that it will provide U$ 1.5 billion (approximately KRW 2.2 trillion) in export financing to support the construction of a battery manufacturing plant  in Georgia, USA,  jointly undertaken by Hyndai Motor Group and SK On.

○ This project is a joint effort between Hyundai Motor Group and SK On to establish an electric vehicle(EV)-battery value chain in the United States.

○ Upon completion, a 35GWh plant capable of supplying batteries for up to 300,000 electric vehicles annually to Hyundai Motor Group’s Georgia EV plant will be built.

■ K-SURE’s financial support comes at a time when the importance of establishing local production systems is growing in light of the tariff policies under the Trump administration. This financing is expected to significantly contribute to strengthening the EV value chain of Korean companies in North America.

○ In order to build a comprehensive EV value-chain encompassing both upstream and downstream industries, K-SURE previously provided a total of U$ 2.3 billion in export financing for the construction of Hyundai Motor Group’s EV components manufacturing plants in the U.S. in 2023 and 2024.

○ With this support, Korean companies will establish a robust battery supply system within the region, providing an opportunity to further reinforce their dominance in the North American market.

○ Additionally, as orders for local plant construction and process equipment are placed with domestic SMEs, the project is predicted to generate significant job creation and foster shared growth with SMEs.

■ Chairman and President of K-SURE, Jang Young-jin, stated, “Due to the new U.S. administration’s tariff policies, Korean companies are facing growing demand for large-scale investment to expand their local operations.”

○ He added, “Going forward, K-SURE will spare no effort to help Korean companies transform challenges arising from changes in international trade orders into opportunities.”