HUGE NEWS! BYD's Rise in Market Height, TESLA Rests in the Graveyard Night
BYD's jackpot? Rock-solid support from the Chinese government. Unlike anything seen before, the Chinese authorities allocated substantial resources to boost the electric vehicle industry, and BYD was there to go all in. We're talking a massive $30 billion in tax exemptions since 2010, and that number is expected to hit $97 billion by 2027.
China played a clever game – they set goals for automakers and provided incentives and mandates to stimulate EV growth. Not just this, the government offered attractive perks such as discounted loans, preferential land allocations, and subsidies for research and development. While Tesla also benefited from Chinese subsidies, BYD played this game extremely well, making the most of every advantage and becoming a game changer.
