8,885.00 TRY BIST 100 BIST 100
4.87 CNY CNY CNY
34.34 USD USD USD
37.42 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
44.67 TRY Interest Interest
74.45 USD Fossil Oil Fossil Oil
32.79 USD Silver Silver
4.44 USD Copper Copper
102.49 USD Iron Ore Iron Ore
374.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,023.12 TRY Gold (gr) Gold (gr)

Tesla's Germany plant loses its right to receive funding from the EU

Tesla lost its chance to receive 1.1 billion euros in funding from the European Union due to delays at its German factory.

Tesla's Germany plant loses its right to receive funding from the EU

Tesla, the world's most popular electric car manufacturer, finally achieved its purpose in the factory it established in Berlin, Germany, and made its official opening in October.

The company, which wants to produce 500 thousand electric vehicles annually in its new factory, will also provide employment opportunities for 10 thousand people.

The plant, which constantly faced a problem, would have opened its doors on July 1 this year under normal conditions.

However, arson fires, the plant's water supply was cut off, and the problems and protests of the German people caused the production to be delayed continuously. Moreover, the company is still unable to start production in the factory opened because it has not been able to obtain some permits.

LOSE THE RIGHT TO RECEIVE FUNDS FROM THE EU

Tesla would receive support of approximately 1.1 billion euros from the European Union with the battery plant it will establish in the Berlin factory to develop the battery industry in Europe.

However, the disruptions experienced in the construction process of the factory caused the company to be unable to meet the EU state aid conditions.

Companies that want to receive support from the European Union have to meet the "first industrial distribution" requirement.

In short, companies have to manufacture batteries in a newly opened factory, not an existing factory, in order to receive funding from the EU. However, due to the disruptions in the Berlin factory, EU requirements cannot be met.

TESLA CARRYING BATTERY MANUFACTURING

Tesla announced that the establishment of this facility for battery production is not expected, and that it will start producing the same batteries at another Tesla factory at an earlier time. This means that the company cannot receive funding from the EU.

The CEO of the company, Elon Musk, expressed his disappointment with the disruptions.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Treasury and Finance Minister Şimşek evaluated foreign trade data

Sunday, November 3, 2024

IMF: EU slowdown, US strength

Friday, October 25, 2024

Germany considers new economic plan

Friday, October 25, 2024

World Bank finances Türkiye $1.9 billion for 4 projects

Wednesday, October 23, 2024

Ministry of Energy and Natural Resources aims to increase the use of domestic resources in electricity generation

Sunday, October 20, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now