ANZ opens chequebook for Hyundai EV parts supply in the US
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The news: ANZ has led a USD940 million ($1.4 billion) debt facility for South Korean auto giant Hyundai to supply parts for domestic electric vehicle production in the US.
The numbers: Hyundai plans to build four electrification facilities at its Metaplant in Georgia. Hyundai is South Korea's biggest car producer and the third largest in the world.
The context: It is not ANZ's first venture into EV production lending. In 2022, the bank set up a $711 million lending facility for a Hyundai and LG Energy Solutions joint venture to build an EV battery manufacturing facility in Indonesia, the first of its kind in Southeast Asia. On Monday, NAB announced a partnership with Plenti to co-brand loans for EV purchases, sending Plenti shares skyrocketing.
The source: ANZ Media Release
