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Nov. 26, 2021, 9:50 a.m. EST

Tesla withdraws application for government subsidy for German battery plant

Tesla (NAS:TSLA) said on Friday it's withdrawing its formal request for a state subsidy in Germany for its planned battery production site east of Berlin, according to wire reports. Tesla founder Elon Musk's opposition to subsidies was cited as a reason for the move. The electric car maker did not provide a potential funding figure from the government, but it has been expected to range into the billions of euros. Tesla said it still plans to build a battery and recycling factory in its Berlin-Brandenburg gigafactory. Tesla shares fell by 2.4%.

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