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by jaggs 593 days ago
Over $2bn in state and federal subsidies - https://archive.is/g5Gnb

https://imgur.com/a/XYSSnTQ

1 comments

Do we have any insight into how much the Chinese government supports BYD? $2B seems like a pretty small number, to be honest. I would expect the number to be at least an order of magnitude (or two!) higher for BYD.

At any rate, $2B is a drop in Tesla's bucket; their quarterly revenue is around $25B now. That $2B may have been given at a critical time in Tesla's development and growth, but today it would be 2% of their yearly revenue.

From: https://asia.nikkei.com/Spotlight/Datawatch/China-s-hidden-s...

"BYD received a total of 37.1 billion yuan in tax rebates over the five-year period, nearly four times the 9.3 billion yuan it received in subsidies. Additionally, BYD has secured long-term bank loans at interest rates between 2.05% and 2.98%, lower than the one-year prime lending rate of 3.35%, according to the company filings. "

So it sounds like it received 9.3 billion yuan or 1.3 billion USD but it also receives 4x as much in tax rebates.

Which countries weren't offering tax rebates?
Tesla gets the same rebate in China.