Tuesday, May 21, 2024

China brand has received billions in illegal government subsidies

According to a new report from the German Kiel Institute, Chinese BYD, which is also present in Denmark, has received billions of euros in support from the Chinese state.

The EU wants it investigated. But even now the German Kiel Institute believes it is ready with the answer.

Because yes, say the Germans, Chinese car brands have received the equivalent of billions of euros in government subsidies from China.

Specifically, the Kiel Institute believes it can prove that BYD alone in 2022 received at least 2.1 billion euros, corresponding to 16.5 billion Danish kroner, in government subsidies from China.

– Subsidies such as those given to BYD have made it possible for Chinese companies to scale up quickly, dominate the Chinese market and facilitate increasing expansion in EU markets, writes the Kiel Institute in its report .

READ ALSO: Austria introduces crazy driver law based on the Danish model

However, the institute says at the same time that it has come up with a very conservative estimate of how much a brand like BYD has received in state support.

The report comes shortly after the EU's competition commissioner Margrethe Vestager has threatened China with sanctions on top of the supposed state aid to the country's car industry.

– The EU has launched an investigation into illegal state aid to the Chinese car industry. If we come to the conclusion that China has given illegal state aid, then we will introduce restrictions, says the former leader of Radikale Venstre in Denmark.

The President of the European Commission, Ursula von der Leyen, is also personally convinced that the Chinese take money from the treasury and put it in the pockets of the country's car manufacturers.

Back in March, the EU also announced that the punitive duty currently being considered to be imposed on Chinese cars may be retroactive. Read more about it here .

Read more exciting news from and about the world of cars right here!

Latest

Don't miss

New Bugatti gets a speedometer that goes to 550 km/h

Bugatti continues with 16 cylinders but loses its four...

Polestar receives a new warning – will be thrown off the stock exchange in 60 days

The Chinese car brand Polestar has received a new...

Metallica introduces electric transport together with IVECO

Can you be heavy metal and at the same...

Danish car company goes bankrupt after just three months

Three months. The West Jutland car dealer could no...

Austria introduces strict requirements against trucks – breaks EU law

Austria has imposed a number of strict requirements on...
Boosted Magazine
Boosted Magazine
Boosted in Denmark has over a million unique users, surpassing two million sessions, and accumulating over seven million page views each month, and our platforms has become a hub for automotive enthusiasts. Now you can enjoy our content in English too! Enjoy our free car news - every day. Want to talk to us? Write an email to boosted@boostedmagazine.com
spot_img

The car brand Fisker is closing its business in Denmark

Bankruptcy-threatened Fisker Inc. closes its own business in Denmark. Instead, the car brand refers to its partner garages. Fisker's own business is a thing...

Austria introduces strict requirements against trucks – breaks EU law

Austria has imposed a number of strict requirements on business transport on one of Europe's most important motorway networks. The EU is now criticizing...

Ferrari named Italy's best workplace

They screw up some of the world's finest cars, get money and, on top of that, wild bonuses for it. Now Ferrari's factory in...

Director explains: "That's why Saab died as a car brand"

When the US government rescued the bankrupt General Motors, it was on the basis of a number of strict conditions, including cost Saab his...

Alpine has built a new V6 engine that burns hydrogen

The question of what tomorrow's car models will be based on has not yet been decided. Alpine proposes hydrogen for a new V6 engine....

Now Lamborghini is also planning – the electric car might not be a good idea

Lamborghini will probably send an electric car to the street, but it won't be until 2028, and it's not a supercar. Such a person...

New EU rule makes petrol and diesel much more expensive in Denmark

A new quota system for CO2 emissions is on its way through the EU system. When it comes into force in 2027, diesel and...

Former Koenigsegg designer will make his own car this year

Sasha Selipano is the man behind the lines of the Koenigsegg Gemera. Now he stands on his own two feet with a brand new...

Polestar receives a new warning – will be thrown off the stock exchange in 60 days

The Chinese car brand Polestar has received a new warning because the stock exchange in New York has not yet received an annual report....

Lamborghini's new V8 engine takes 10,000 revolutions

Lamborghini's V10 engine is on its way out. The replacement - a V8 - lacks two cylinders but instead takes more revolutions. When we...

Metallica introduces electric transport together with IVECO

Can you be heavy metal and at the same time sing big trucks that say nothing? Yes, if you ask Metallica. IVECO has partnered...

New Volvos gossip when other drivers break the law

Volvo has applied for a patent for a solution that enables new cars to gossip about other drivers with camera surveillance. Also backwards. With...
footer.txt Viser footer.txt.