www.bloomberg.comBYD Got €3.4 Billion Chinese Aid to Dominate EVs, Study Says
By Stefan NicolaApril 10, 2024 at 8:37 PM GMT+10BookmarkSave1-1 minutesChina’s BYD Co. received at least €3.4 billion ($3.7 billion) in direct government subsidies as part of Beijing’s push to dominate electric vehicles and other clean technologies, according to a new study.
Aid for China’s leading EV maker jumped from €220 million in 2020 to €2.1 billion only two years later, Germany’s Kiel Institute for the World Economy said Wednesday. BYD also is benefiting from support for local battery manufacturers and rebates for buyers of its cars, according to the report, which comes as the European Union investigates allegedly unfair aid for China’s EV sector.
