BYD got 2.26B CNY financing from the government, private study reveals

Chinese automaker BYD must have received 2.26 billion Yuan in direct investments from the government of China, claims a market research institute based in Kiel, Germany.

According to a study conducted by the institute, the authorities in China invest 3–9 times as much in the development of the country’s automotive industry and their counterparts do in North America or Germany. Much of the money flow gets directed at BYD, but 99% of all companies registered in China enjoy state support in one form or another.

The German researchers believe that their study may incentivize the EU countries to adopt new customs laws to protect the local businesses from the ongoing invasion of Chinese import brands.