Magdeburg
US semiconductor giant Intel will spend around €30bn to develop two chip-making facilities in Magdeburg in return for state subsidies worth almost €10bn, up from the €6.8bn Germany had originally offered and subject to European Commission approval, says Reuters. It is Intel’s third big spending deal in days, following announcements to build a $4.6bn chip factory in Poland and a $25bn facility in Israel. Under boss Pat Gelsinger (pictured), Intel has invested billions worldwide to keep up with rivals AMD, Nvidia and Samsung, while US and Europe have vied with one another to lure big industrial players with subsidies and favourable legislation. Germany, in particular, has been concerned with the fragility of its supply chains, dependence on Asia and losing its appeal as a place to invest. The government is in talks with Taiwan’s chip giant TSMC and Swedish electric vehicle (EV) battery maker Northvolt about setting up production in Germany. US EV maker Tesla says it will build its first “gigafactory” there. It’s all a far cry from Britain’s
