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U.S. tech giant Intel is backing away from plans to start construction in the first half of 2023 on a “mega-fab” semiconductor plant in Germany, according to media outlet Volksstimme.

Intel earlier this year committed an initial investment of €17 billion into the facility in the German city of Magdeburg. The planned investment, announced in March, could grow to more than three times that amount, according to the company.

The company had said construction was expected to begin in the first half of next year, with production planned to come online in 2027.

But Intel now sees a “difficult market situation” and can no longer commit to the planned start date for construction, Volksstimme reported, pointing to increased costs and a call for higher government subsidies.

The German government has pledge to invest at least €6.8 billion in the Magdeburg facility.


Link to original article on https://www.politico.eu/article/intel-backs-out-of-planned-construction-start-date-for-chip-plant-in-germany-report%ef%bf%bc/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication

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