"According to BYD's corporate filings, the company reported receiving 12.47 billion yuan (~$1.8 billion) in government subsidies for its daily operations in 2025, up from 10.66 billion yuan in 2024."
"Historical Direct Grants: Studies by research groups estimate that BYD received roughly $3.7 billion in direct state subsidies between 2018 and 2022 to scale up electric vehicle (EV) production and research, including about $2.2 billion during 2022 alone."
"Types of Support: The funding encompasses direct cash grants, R&D rebates, tax incentives, preferential financing, and local government infrastructure assistance. While critics and international trade officials (such as in the U.S. and EU) argue these subsidies give BYD an unfair price advantage, analysts note that the company's cost competitiveness is also driven by vertical integration (such as in-house battery production) and massive domestic scale."
Yeah, no subsidy. Trust me bro.