Tesla Motors (NASDAQ: TSLA) stands to collect a nice windfall from the German government. According to a report in Business Insider published on Monday and citing “several government sources,” the electric vehicle (EV) specialist will be granted at least 1 billion euros ($1.2 billion) in public subsidies to continue developing battery cells.
At the moment Tesla is building a factory, located near the national capital of Berlin, to manufacture such components.
Germany’s Federal Ministry of Economics is encouraging in-country battery cell production by awarding funds from its Important Projects of Common European Interest (IPCEI) to manufacturers. Last week, it announced 11 grants from the initiative; Tesla was one of the winners.