Story from 2015. If you include the tax rebate incentives (which are included in BYD’s reporting, but which function differently in China because China lacks direct income tax for most people due to accounting costs… It’s an open secret that the Chinese government doesn’t care about personal tax income much), Tesla’s numbers skyrocket:
If you want to argue that the $7500 EV purchase incentive is not a direct subsidy because it has no specific cash value (since it’s dependent on the person’s tax burden)… Be my guest, but that’s a laughable position.