Hyundai gets $1.35B in export financing for Georgia EV facility

(Korea Joongang Daily, Seoul, 16 October 2024) The Korea Trade Insurance Corporation granted $1.35 billion in export financing to Hyundai Motor's $5.5 billion EV manufacturing facility in Georgia, which began partial operation in early October. The financing was decided to help Hyundai "strengthen its global competitiveness by offering financial support to its EV manufacturing facility in North America, one of the biggest auto markets in the world," the state-run export credit agency said Wednesday. The factory in Bryan County, Georgia, is the automaker's first EV-dedicated manufacturing plant in the United States. It recently started partial production, around six months ahead of schedule, in order to rapidly qualify for the U.S. government tax credits of up to $7,500 for EVs assembled in North America.