China Heavily Subsidized BYD to Expand Its EV Market Share

The Chinese government has granted direct subsidies of at least $3.7 billion 3.4 billion euros to EV manufacturer BYD, which has been one of the main beneficiaries of China’s massive subsidies for green technologies, a German think tank that advises the government said in a new report on Wednesday. China has recently hiked direct government subsidies to some of the dominant Chinese green-tech companies, the Kiel Institute for the World Economy, IfW, said in the report.

“China's subsidy policy has been a controversial issue for years European industries often struggle to compete with Chinese counterparts on price,” said Dirk Dohse, Research Director at the Kiel Institute and co-author of the report. “However, without China's subsidized technology, products crucial for Germany's green transformation would become more expensive and scarce as well,” Dohse added.

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