![Korea Trade Insurance Corporation headquarters in central Seoul [K-SURE]](https://image.koreajoongangdaily.com/10502757.webp?imageId=10502757&width=960&height=1424&format=jpg)
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 [cho.yongjun1@joongang.co.kr]
