Friday, September 22, 2023

Intel delays German factory opening, wants more subsidies

By ET Bureau - December 19, 2022 1 Mins Read


According to the local newspaper Volksstimme, the semiconductor behemoth has changed its mind about opening a chip factory in the eastern German city of Magdeburg in the first half of 2023 because it wants more government subsidies.

The facility is essential to German and European Union plans to increase domestic manufacturing and increase the resilience of the continent after the COVID-19 pandemic and Russia’s invasion of Ukraine highlighted the dangers of extensive, global supply chains. Intel had initially budgeted for costs of 17 billion euros (USD 18 billion), but the paper reported that prices were now closer to 20 billion euros.

Also Read:Strategies to Develop Resilient Business Connectivity in the Digital Era

According to the newspaper, the company also said it was talking with the government about how to close a funding “gap.”

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