The approval allows the German federal government to provide 5 billion ($5.5 billion) of financial support for the new European Semiconductor Manufacturing Company (ESMC)."
The measure will strengthen Europe's security of supply, resilience and digital sovereignty in semiconductor technologies," a commission statement said. "The measure will also contribute to achieving the digital and green transitions.
Production is expected to start at the factory in 2027, with a focus on chips for the automotive industry. The first TSMC plant in Europe is expected to create 2,000 jobs.
The measure has a limited impact on competition and trade within the EU. It is necessary and appropriate to ensure the resilience of Europe's semiconductor supply chain.
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