Yoon Heesung Visits Georgia Factory Construction Site
The Export-Import Bank of Korea announced on the 28th that it will provide financial support worth $1.5 billion (approximately 2.199 trillion KRW) for the construction of a battery factory by the joint venture between Hyundai Motor Company and SK On.
On the same day, Yoon Hee-sung, President of the Export-Import Bank of Korea, visited the factory construction site located in the state of Georgia, USA, and made the announcement. The financial support consists of an $800 million loan and a $700 million guarantee. This decision was made to actively support Korean battery companies in securing competitiveness in the global electric vehicle market.
This visit was arranged to directly hear the trends in the battery industry, where global competition is intensifying due to the slowdown in the growth of electric vehicle demand, and to strengthen partnerships with Korean automobile manufacturers and battery companies.
At the event, President Yoon said, “Through the establishment of the K-Battery Alliance, which equips batteries produced with the technology of Korean manufacturers in Korean automobile companies, we expect to strengthen competitiveness across the entire value chain,” adding, “The Export-Import Bank of Korea will continue to strengthen the cooperation system between industry and finance and provide comprehensive support to enhance the competitiveness of advanced strategic industry ecosystems such as batteries.”
Yoon Hee-sung, President of the Export-Import Bank (third from the left in the photo), visited the construction site of the Hyundai Motor-SK On joint venture located in Georgia, USA, on the 27th (local time) to strengthen communication with the battery industry. Photo by Korea Export-Import Bank
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