Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Tesla to win approval for $5.5 billion Berlin gigafactory on Friday

Published 03/03/2022, 01:52 AM
Updated 03/03/2022, 08:55 AM
© Reuters. FILE PHOTO: A general view of the construction site of Tesla's electric car factory is pictured in Gruenheide, near Berlin, Germany, December 28, 2021. REUTERS/Annegret Hilse/File Photo

© Reuters. FILE PHOTO: A general view of the construction site of Tesla's electric car factory is pictured in Gruenheide, near Berlin, Germany, December 28, 2021. REUTERS/Annegret Hilse/File Photo

BERLIN (Reuters) - The German state of Brandenburg has called a news conference for Friday at which it is widely expected to approve Tesla (NASDAQ:TSLA)'s 5 billion euro ($5.5 billion) gigafactory near Berlin if certain conditions are met.

"The approval procedure for the e-car and battery factory of the U.S. company Tesla in Gruenheide in Brandenburg is nearing completion," the state government said in a statement.

Tesla has for months been awaiting approval for a licence to begin production at the electric vehicle (EV) factory and adjacent battery plant in Gruenheide near Berlin, slowed down by red tape and local opposition.

CEO Elon Musk has made his irritation for German laws and processes known, saying in a letter to authorities last year that the country's complex planning requirements were at odds with the urgency needed to fight climate change.

Musk had hoped to have the plant - key to his ambitions to conquer the European market where Volkswagen (DE:VOWG_p) currently holds the upper hand with a 25% share of electric vehicle sales to Tesla's 13% - up and running six months ago.

© Reuters. FILE PHOTO: A general view of the construction site of Tesla's electric car factory is pictured in Gruenheide, near Berlin, Germany, December 28, 2021. REUTERS/Annegret Hilse/File Photo

Following delays, he said in October last year that he hoped to have it operational by December. The company has not further updated its timetable for the launch.

($1 = 0.9031 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.