China Paid Billions In Aid To Local EV Makers, Including Tesla, To Dominate The Market: Study
BYD was the biggest beneficiary of China’s support scheme, raking $3.7 billion in direct subsidies.
China spent billions of dollars to boost the competitiveness of its local electric vehicle industry, according to a new study published last week by Germany’s Kiel Institute for the World Economy quoted by Bloomberg.
The think tank, which advises the German government, said that China’s aid to domestic new energy vehicles amounted to roughly $5.6 billion until 2022 when the direct payments to manufacturers were phased out. New energy vehicles (NEVs) include all-electric cars (EVs), plug-in hybrids (PHEVs) and fuel cell vehicles (FCEVs).
The biggest beneficiary of China’s support scheme was BYD, which received $3.7B in direct aid from 2018 to 2022. The lion’s share was awarded in 2022, with BYD getting $2.2B from the Chinese government.
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