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. For example, direct subsidies to the car maker BYD, a…