Re:BYD quarterly sales beat Tesla for first time
by jaggs on Wednesday October 30, 2024 @03:29PM
(#41999201)
Over $2bn in state and federal subsidies - https://archive.is/g5Gnb
Re:BYD quarterly sales beat Tesla for first time
by kelnos on Wednesday October 30, 2024 @04:00PM
(#41999551)
Do we have any insight into how much the Chinese government supports BYD? $2B seems like a pretty small number, to be honest. I would expect the number to be at least an order of magnitude (or two!) higher for BYD.
At any rate, $2B is a drop in Tesla's bucket; their quarterly revenue is around $25B now. That $2B may have been given at a critical time in Tesla's development and growth, but today it would be 2% of their yearly revenue.
Re:BYD quarterly sales beat Tesla for first time
by hangonhn on Wednesday October 30, 2024 @04:09PM
(#41999648)
From: https://asia.nikkei.com/Spotlight/Datawatch/China-s-hidden-s...
"BYD received a total of 37.1 billion yuan in tax rebates over the five-year period, nearly four times the 9.3 billion yuan it received in subsidies. Additionally, BYD has secured long-term bank loans at interest rates between 2.05% and 2.98%, lower than the one-year prime lending rate of 3.35%, according to the company filings. "
So it sounds like it received 9.3 billion yuan or 1.3 billion USD but it also receives 4x as much in tax rebates.
On https://apnews.com/article/microchip-electric-vehicles-batte... Tesla is only mentioned by one state loosing a project.
"Many of the companies drawing the biggest subsidy offers — such as Intel, Hyundai, Panasonic, Micron, Toyota, Ford and General Motors — are profitable and operate around the globe. Some lesser-known names in the nascent EV field are getting big offers too, such as Rivian, Volkswagen-backed Scout Motors and Vietnamese automaker VinFast."