Tesla withdraws application for government subsidy for German battery plant

Tesla /zigman2/quotes/203558040/composite TSLA +3.94% 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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Tesla Inc.

US : U.S.: Nasdaq

$ 173.22

+6.56 +3.94%

Volume: 196.81M

Jan. 31, 2023 4:00p

P/E Ratio

47.76

Dividend Yield

N/A

Market Cap

$526.27 billion

Rev. per Employee

$637,144