Intel Faces Risk of Losing Billions in Subsidies for German Chip Plant

A recent court ruling on German finances puts the tech giant's subsidies, initially agreed to be close to 10 billion euros, in jeopardy.

Intel may lose billions in subsidies for its proposed chip-making facilities in Saxony-Anhalt, Germany, due to a recent adverse court ruling on German finances.
Berlin had initially agreed to subsidies close to 10 billion euros with Intel.
Sven Schulze, Saxony-Anhalt's economy minister, expressed concerns about significant economic and reputational damage if Germany cannot support such future projects.
Earlier this year, Intel disclosed an investment of over 30 billion euros in Germany to expand its European manufacturing capacity.
Intel had reportedly halted its chip factory construction in the eastern German city in the first half of 2023, seeking more public subsidies.