EU Greenlights German State Aid for $11 Billion TSMC Chip Plant

Published on August 21, 2024

The European Commission has approved a 5 billion euro ($5.5 billion) German state aid package for TSMC’s first chip plant in Europe, President Ursula von der Leyen announced at the company’s groundbreaking ceremony in Dresden on Aug. 20. It’s part of the EU’s drive to wean the bloc off semiconductors made in Asia, including by Taiwan’s TSMC, the world’s biggest contract chip maker. The new 10 billion euro ($11 billion) company, named the European Semiconductor Manufacturing Company, is a joint venture between TSMC and European companies, including Robert Bosch, Infineon, and NXP, each of which has a 10 percent stake. The state aid for the project is also the largest approved so far under the European Chips Act and the first in Germany....

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