German decision on Tesla subsidies expected by end of year

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https://www.reuters.com/business/autos-transportation/german-decision-tesla-subsidies-expected-by-end-year-2021-09-05/

Germany will probably decide by the end of the year how much state aid U.S. electric vehicle maker Tesla (TSLA.O) will receive for its planned battery cell factory near Berlin, an economy ministry spokesperson said on Sunday.

The European Union in January approved a plan that includes giving state aid to Tesla, BMW (BMWG.DE) and others to support production of electric vehicle batteries and help the bloc to reduce imports from industry leader China.

The EU's approval of the 2.9 billion euro ($3.45 billion) European Battery Innovation project, which includes more than 40 companies, follows the launch in 2017 of the European Battery Alliance to support the industry during the shift away from fossil fuels.

Tesla plans to invest 5 billion euros in its battery cell factory at Gruenheide near Berlin to complement its nearly finished electric car factory at the same location, according to estimates from the German economy ministry.

The unusually high investment volume means that the U.S. car manufacturer can count on German state subsidies of 1.14 billion euros, Tagesspiegel newspaper reported on Sunday.

German decision on Tesla subsidies expected by end of year

Germany will probably decide by the end of the year how much state aid U.S. electric vehicle maker Tesla will receive for its planned battery cell factory near Berlin, an economy ministry spokesperson said on Sunday.

www.reuters.com