Intel Needs $9.7B Subsidies For Europe Chip Plant: Reuters - Intel (NASDAQ:INTC)

Intel Corp INTC has sought $9.7 billion (€8 billion) in public subsidies for semiconductor factory construction in Europe to reduce the bloc’s import reliance amid the ongoing semiconductor chip crisis, Reuters reports.
Gelsinger had announced Intel’s $20 billion investment in U.S. chip production last month.
Gelsinger was hunting for a European plant location to support European Commissioner Thierry Breton’s aim of doubling Europe’s global chip share output to 20% over the next decade.
Breton intended to drive production supply on its own and through selected partnerships.
Breton had also interacted with Taiwan Semiconductor Manufacturing Co Ltd TSM before Korea’s Samsung Electronics Co Ltd SSNLF and Intel.
Breton would hold further talks on May 4 with the CEOs of two Dutch semiconductor companies ASML Holding NV ASML and NXP Semiconductors NV NXPI.
Breton was planning a European semiconductor alliance to bundle the interest of the domestic companies.
Germany’s Infineon Technologies AG IFNNF IFNNY hailed Breton’s chip production initiative in Europe.
Breton was also keen on a German location for a potential foundry.
Gelsinger also met automaker Bayerische Motoren Werke AG BMWYY and telecoms operator Deutsche Telekom AG DTEGF DTEGY.
He also visited the Volkswagen AG VWAGY headquarter based on sources.
Gelsinger will visit Israel next week, where it is set to announce a $200 million investment in a new chip development campus and 1,000 staff hiring.
Price action: INTC shares traded lower by 0.96% at $57.72 on the last check Friday.

Market News and Data brought to you by Benzinga APIs