The Korea Trade Insurance Corporation (K-SURE) has announced substantial financial support for the construction of Hyundai Mobis electric vehicle (EV) parts plant in the United States.
On Nov. 8, K-SURE revealed plans to back the establishment of Hyundai Mobis’ new U.S. EV parts facility with a financial package worth US$940 million. The project involves building a total of four factories across the states of Alabama and Georgia to produce battery systems and powertrain components.
Since 2019, K-SURE has been supporting the entrance of domestic companies into the EV market value chain, providing financial assistance for 12 projects encompassing materials such as lithium and copper foil, battery plants, and EV parts, amounting to a total of US$3.9 billion.
Lee In-ho, president of K-SURE, highlighted the importance of securing local supply chains for parts in order to become long-term winners in the market. “With our financial support as a stepping stone, we will actively encourage more companies to adapt to international trade norms and secure competitive edges in future industries,” he stated.