Tesla to Get 1.14 Billion-Euro German Subsidy, Tagesspiegel Says
(Bloomberg) -- Tesla Inc. is set to receive a 1.14 billion-euro ($1.35 billion) subsidy from the German government for its battery cell plant in Gruenheide, Der Tagesspiegel reported, without saying where it got the information.
The funding has been agreed and is ready for approval, and would see the U.S. electric-car maker get just over a third of total funds from a 2.9 billion-euro state program to support battery cell projects in Germany, the newspaper said.
The process for determining the amount of funding Tesla will receive hasn’t yet finished, the Federal Economy Ministry told the newspaper, adding that “issuance of the decision” is planned for fourth quarter.
The ministry expects a total of about 5 billion euros to be invested in the battery plant, located to the east of Berlin, and for the potential creation of about 2,000 jobs, Tagesspiegel said.
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