Tesla did not want to wait on EU aid, says German economy minister

Tesla passed up a possible $1.24 billion

BERLIN– Tesla did not intend to await European authorities to decide on state financing for its scheduled battery factory before going ahead with the building and construction of its site in Germany, outward bound German Economy Minister Peter Altmaier informed press reporters in Berlin on Monday.

As an international firm, Tesla would have been qualified for state help of approximately 40% of its financial investment under a European Union program that encourages production within the bloc.

Under the program, the U.S. company could have received as much as around 1.1 billion euros ($ 1.24 billion).

As a result of growing need for battery cells, Tesla willingly determined in late November to begin construction on a battery plant at its Gruenheide site outside Berlin without state aid as well as took out the equivalent application.

Tesla is developing its very first European electric cars and truck factory along with a battery plant at the site in the state of Brandenburg.

It is still waiting to obtain last license approval for the site from authorities, which is anticipated before the end of the year.

($ 1 = 0.8854 euros).