BYD, the world’s best-selling EV manufacturer, recieved £2.9 billion in state subsidies to help it dominate the industry, a European study found.
The findings were part of a study by the Kiel Insititute for the World Economy and allege the Chinese government provided the subsidies in a push to dominate the EV car market.
Tesla was overtaken by BYD as the top-selling electric vehicle at the start of 2023 after the Chinese company was able to undercut prices and grow its offering to Europe.
The European Commission launched an anti-subsidy investigation last September into the exports of Chinese vehicles.
Depending on the findings, the investigation could result in tariffs on Chinese vehicles as a punishment.
