Intel Corp has backed away from its original target of opening a chip factory in the eastern German city of Magdeburg in the first half of 2023, regional newspaper Volksstimme reported, saying the semiconductor giant wanted more public subsidies.
The Intel Corporation logo is seen at a temporary office during the World Economic Forum 2022 in the Alpine resort of Davos, Switzerland May 25, 2022. REUTERS/Arnd Wiegmannhas backed away from its original target of opening a chip factory in the eastern German city of Magdeburg in the first half of 2023, regional newspaper Volksstimme reported, saying the semiconductor giant wanted more public subsidies.
But the newspaper said that surging energy and raw materials prices had upset the U.S. company's original calculations. Where Intel had originally budgeted for costs of 17 billion euros , prices were now closer to 20 billion euros, the paper said.
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