Wolfspeed expects EU subsidy approval in months - CEO

Wolfspeed expects the European Union to grant approval for the subsidies it has asked for to build an electric vehicle chip plant in the German region of Saarland within months, the company's chief executive Gregg Lowe said on Wednesday.

"Once it receives final EU approval allowing for funding from Germany and Saarland we can begin construction. We anticipate this will be done in the coming months so we can start as soon as possible," Lowe said at an event in the region to commemorate the announcement.