The Money China Spent on Electric Cars Revealed

There is no doubt that the rising star of the electric car market is Chinese automobile manufacturers happened. The impact of manufacturers from this country, especially BYD, on the markets has been quite remarkable. So much so that many countries have tried to protect their own manufacturers by imposing additional taxes on automobiles imported from China.

The secret of China’s breakthrough, Center for Strategic and International Studies He created a think tank called. According to the study, China has contributed to the development processes of brands such as BYD in total since 2009. 230 billion dollars invested.

Supports were also the subject of additional taxes

The supports provided by China are the same as those provided by the EU for automobiles to be imported from China. Additional taxes up to 38% was also cited as a reason. European Union officials stated that due to the support provided to Chinese manufacturers, manufacturers in this country produce at much lower costs than European companies.

China is currently the world’s largest electric car market. Asian giant expects global electric car sales to increase in 2023 60 percent of was located in the country where it was carried out. China had left its major rivals such as the USA and Japan behind by a large margin in this field.

According to CSIS, $230 billion does not reflect the true extent of China’s support in this area. Because this amount Support provided by local governments not included. In China, electric car manufacturers are provided with advantages such as tax exemption and investment support.