Companies

BYD got €3.4 billion Chinese aid to ‘dominate’ EV market

Aid for the Chinese electric car brand increased from €220 million in 2020 to €2.1 in two years, according to a new study

Aid for China’s leading EV maker jumped from €220 million in 2020 to €2.1 billion in two years, according to the study

China’s BYD received at least €3.4 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 on Wednesday.

BYD also is benefiting from support for local battery manufacturers and rebates for buyers of its cars, ...