Germany rejected Intel’s chip factory subsidies. According to the Financial Times, Germany’s Finance Minister Christian Lindner is resisting Intel’s (INTC.O) requests for increased subsidies for a 17-billion-euro ($18-billion) chip facility.
“There is no more money in the budget,” Lindner told the newspaper in an interview. “We’re consolidating, not expanding the budget.”
The German fabrication plant was to receive 6.8 billion euros in government funding. The newspaper stated that it now wants 10 billion euros due to increasing energy and construction expenses.
Intel did not respond to Reuters’ after-hours request for comment.
Last year, the company announced it would build a new chip-making complex in Magdeburg, central Germany, as part of a $88 billion investment across Europe, including expanding a factory in Ireland, a packaging and assembly site in Italy, and a design and research center in France.
Intel, TSMC (2330. TW), and Wolfspeed (WOLF.N) seek government support to develop European facilities.
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