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This is not at all Germany's fault.Unsurprising. VW is closing down German factories too.
The energy cost in Germany is just way too high for advanced manufacturing anymore. And given their energy grid is run by clowns, that's not going to get better anytime soon.
Intel asked German government for funding and they approved 6.8 billion €. Intel wanted even more (10 billion) after and the government declined.
The whole facility had estimated costs of 17 billion, so Intel dared to ask German government to fund more than half of the costs. Ridiculous.
Later Intel extended plans for plant in Germany in terms of building two plants in for total costs of 30 billion €.
Germany approved funding of 9.9 billion €, that's roughly 33% of the whole investment. Is that not enough for Intel?
Who is/was the real investor here? Intel or Germany?
Now, this amount of money will be redirected somewhere else:
Germany: Intel delays construction of Magdeburg factory – DW – 09/17/2024
US chipmaker Intel has delayed a construction project by two years amid cost-saving measures. German Finance Minister Christian Lindner called for funds earmarked for subsidies to be used to plug a federal budget gap.
www.dw.com
Intel hits pause on chip fabs in Germany and Poland amid financial crisis
Chipmaker lost $1.6bn in Q2, will spin off foundry business
www.datacenterdynamics.com
Poland plant was estimated to cost 4.6 billion €. It was meant to be an assembly and testing site, not chip manufacturing plant as was meant for Germany.
Anyway, postponing of plans in EU was more than expected after Intel lost 1.6 billion $ in Q2 2024. More layoffs are to be expected, I'm afraid.
Let's hope that upcoming Arrow Lake is a miracle and not will not really end like this.