A German report estimates BYD received $2.26 billion in direct subsidies from China in 2022 alone, potentially giving them an unfair advantage
Germany's influential Kiel Institute finds that BYD received $2.26 billion in direct subsidies from China in 2022 alone. The Chinese automotive giant benefits even more from indirect subsidies, thanks to its EV battery business. The institute suggests that the Chinese economic downturn puts the EU in a strong position to negotiate with Beijing. A new study by one of Germany's oldest and most influential think tanks indicates that China outspends other OECD countries like the U.S.
Although that's not cash directly in the company's pocket, it does help stimulate demand for its products, and effectively lowers their price. Although BYD receives a significant amount of the government's funds, China offers subsidies to a wide variety of companies. The Kiel Institute found that 99 percent of listed companies in the country received incentives in 2022. The findings come as Chinese automakers seek to expand into foreign markets, like Europe.
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