Technology
Intel delays construction of its 30-billion-euro chip factory in Magdeburg by two years
Intel delays the construction of its chip factory in Magdeburg by two years. The German government is discussing the use of the planned subsidy funds.
Intel has indefinitely postponed the start of construction on its chip factory in Magdeburg, which was originally planned for this year.
Here's the translation of the given heading to English:
"CEO Pat Gelsinger announced a delay of about two years, but emphasized that this would depend on future market demand. The planned investment of around 30 billion euros was backed by 9.9 billion euros in government subsidies from the Climate and Transformation Fund (KTF), whose release is still pending.
Federal Finance Minister Christian Lindner (FDP) called for using the unspent subsidy funds to close gaps in the federal budget after the delay. However, Economy Minister Robert Habeck (Greens) disagreed, emphasizing that the funds are allocated to the KTF and not to the core budget.
The delay is a severe setback for the endeavor to establish Germany as a leading location for semiconductor production. However, Gelsinger confirmed that Intel would remain committed to the settlement, provided the company's financial situation stabilizes.
