China has reportedly spent over $230 billion supporting electric vehicle firms. Spending has jumped significantly in the past few years and reportedly hit $45.2 billion in 2023. The government supports automakers in a variety of ways including funding R&D programs. A new analysis by the Center for Strategic and International Studies has revealed the Chinese government has spent a staggering $230.8 billion to help support electric vehicle firms between 2009 and 2023.
The level of support varies, but the government has significantly increased spending on research and development programs in the past few years. Between 2009 and 2017, only $2 billion was spent. That jumped to $3.6 billion in 2018 and climbed to $4.3 billion last year. The Center for Strategic and International Studies said their estimates are “highly conservative” and don’t even factor in all levels of government support.