Intel said to demand $10B in subsidies from Germany to build planned factory
Justin Sullivan

Intel (NASDAQ:INTC) has reportedly demanded nearly $10B in subsidies from the German government to build a planned factory in the city of Magdelburg. 
Citing government sources, German news outlet Handelsblatt reported that Intel (INTC) believes the subsidies are "necessary" for the plant, which was already agreed upon. 
Germany has already approved $7.3B, or 6.8B Euros, for the plant, but Intel's (INTC) added demands for the plant are believed to be due to higher energy costs and the use of more advanced technology inside the plant, the news outlet added.
Santa Clara, California-based Intel (INTC) did not immediately respond to a request for comment.
Intel (INTC) shares fell nearly 2% in early trading on Wednesday.
In December, it was reported that Intel (INTC) had slowed its plans for the Magdelburg plant and was in the process of asking for more subsidies. 
Intel's (INTC) plant in Magdelburg is part of the chip giant's plan to invest $88B in Europe for manufacturing purposes over the next decade.
The Pat Gelsinger-led company is also working with Italy and other countries for additional manufacturing on the continent.
Earlier this month, it was reported that Intel (INTC) would cut the salaries of its employees, including senior leadership, as it struggles amid the broader semiconductor downturn.