Tesla Withdraws State Subsidy for Battery Plant in Berlin
- Date: 29-Nov-2021
- Source: Nasdaq
- Sector:Industrial
- Country:Gulf
Tesla Withdraws State Subsidy for Battery Plant in Berlin
Electric vehicle (EV) maker Tesla Inc. (TSLA) has withdrawn its $1.28 billion state subsidy application in Germany. The company said it would build its 4680 battery plant and recycling facility at the Berlin gigafactory without government funding.
TSLA informed the Federal Ministry of Economics and the Brandenburg Ministry of Economics in Germany about the same. Shares closed down 3.1% at $1,081.92 on November 26.
In January this year, the European Union approved subsidies for electric vehicles battery makers such as BMW and Tesla, and reserved the final decision for the end of the year. However, the EV giant has decided to go against the subsidy with no formal reasoning for the same.
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