Government subsidies have played a crucial role in nurturing China's thriving EV sector and manufacturers such as BYD.
China has spent at least $230 billion on government support to electric vehicle makers such as BYD since 2009, according to a new study from the Centre for Strategic & International Studies think tank.
Government subsidies have been a central pillar of China's quest to become an EV powerhouse over the past decade. Data from CSIS showed that government support for China's electric vehicle market roughly tripled between 2017 and 2020, and hit before rising to an eye-watering $45 billion a year in both 2022 and 2023.
Intense competition Battery giant CATL, which controls about a third of the global market, received $809 million in government subsidies last year, CSIS estimated, double the sum in 2022.
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