Three sources close to the matter said that BERLIN FRANKFURT German chip supplier ZF and American chipmaker Wolfspeed Inc are expected to announce plans to build an electric vehicle EV chip plant in the Saarland region.
The German Chancellor Olaf Scholz and Economy Minister Robert Habeck will attend the event, which was advertised as a briefing on the future of the site on which the new chip factory will be built, a closed-down coal plant.
The chancellery said the event was related to an industrial policy project in the field of microelectronics, but did not provide further details.
The project will cost over 2 billion euros $2.18 billion and ZF will hold a minority stake, with production expected to begin in four years, according to German business paper Handelsblatt, which previously reported on the plans, citing unidentified sources.
A spokesman for ZF didn't immediately provide a response, and Wolfspeed was not immediately available for comment.