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Hyundai, SK On seek $1.5 billion loan for Georgia battery plant

Published: 02 Apr. 2025, 18:40 Updated: 02 Apr. 2025, 19:02

CHO YONG-JUN
[email protected]

Korea Trade Insurance Corporation headquarters in central Seoul [K-SURE]

Hyundai Motor and SK On will pursue a $1.5 billion loan for their joint venture in Georgia, guaranteed by the Korean government, on the eve of U.S. President Donald Trump's rollout of reciprocal tariffs.

The state-run Korea Trade Insurance Corporation (K-sure) announced Wednesday that it had agreed to provide the two firms with the required collateral to pursue the loan, which will finance their $5 billion battery cell plant in Bartow County.

The Bartow County facility is slated for completion by the end of this year. It will be capable of manufacturing 35 gigawatt-hours worth of batteries per year, enough to power 300,000 EVs.

“With new tariff policies from the United States, Korean firms' demand for large-scale investment funds is increasing as they seek expansion,” K-sure Chairman and President Jang Young-jin said in a press release Wednesday. “K-sure will fully support so Korean firms can transform the crisis caused by changes in the trade order into an opportunity.”

K-sure previously provided a combined $2.3 billion worth of export finance to Hyundai Motor in the construction of its EV factory in Georgia, known as the Hyundai Motor Group Metaplant America.

BY CHO YONG-JUN [[email protected]]