12:11 PM EDT, 06/20/2024 (MT Newswires) -- Wolfspeed ( WOLF ) delayed its planned $3 billion plant in Germany by two years as the company slashed capital spending amid weaker electric vehicle markets in the US and EU, Reuters reported Thursday, citing a company spokesperson.

Project construction is now expected to start in mid-2025 at the earliest, two years later than initially planned, but the spokesperson said the company continues to raise funds and has not shelved plans to build the plant, according to Reuters.

Wolfspeed ( WOLF ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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