BYD Criticizes UK's EV Subsidy Strategy

In a bold statement, Chinese electric vehicle manufacturer BYD Company Limited has labeled the United Kingdom's latest electric vehicle (EV) subsidy initiative as detrimental in the long run, according to a report by the Financial Times.

Subsidy Plan Under Fire

The UK's scheme offers up to £3,750 in incentives for purchasers of low-emission vehicles. However, it notably excludes a majority of Chinese-manufactured EVs, citing their reliance on high-carbon power grids during production.

Executive Vice President's Strong Words

Stella Li, BYD's Executive Vice President, did not mince words in her critique, describing the plan as "stupid" and likening the subsidies to a "drug" that provides only fleeting advantages. "It does not make any sense," Li asserted, emphasizing the policy's lack of foresight.

BYD's Commitment to the UK Market

Despite the criticism, Li expressed confidence in BYD's continued success in the UK, announcing ambitious plans to create over 5,000 jobs through the establishment of 280 new dealerships by 2026.