Government funding: Tesla shares: Tesla apparently can count on billions in funding

Berlin’s “Tagespiegel” reported on Sunday that funding from the federal economics ministry is ready for approval. When asked, the federal ministry said there were “no final numbers” for Tesla funding as part of the battery project. The Brandenburg Ministry of Economics did not comment on the report.

Tesla wants to not only build its first electric car factory in Europe in Grunheide near Berlin, but also mass-produce battery cells there. The Federal Ministry of Economics said the process of determining the specific amount of funding was not yet complete. “Please understand that we cannot provide any information about the amount of funding from the federal government or state participation prior to the release of the grant notification. The notification is currently being intensively prepared and is planned for the fourth quarter of 2021. has been created.”

At the beginning of the year, the European Union Commission approved a second billion in aid to support battery production in Europe. Germany and eleven other EU countries could provide up to 2.9 billion euros in addition to making progress in electromobility. Tesla in Brandenburg could also benefit from funding. Germany is coordinating the second battery programme.

At Grunheide, production of electric cars was originally scheduled to begin in early July, but Tesla is now targeting the end of the year. The company is currently building through a preliminary permit as the final decision on environmental permits by the state of Brandenburg is still pending. When the verdict will come is still open. Each year it is expected to roll off the production line of 500,000 vehicles in Grunheide, Brandenburg.

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Berlin / Grainheide (DPA-AFX)