BYD(SZ:002594) Zheng Quan Shi Bao Wang·2025-08-18 06:30Core Insights - The new energy vehicle (NEV) industry has transitioned from being policy-driven to market-driven, indicating an initial capability for self-sustainability [1][3] - The total subsidy amount for NEV promotion from 2016 to 2020 reached 1.654 billion, with a significant reduction in subsidies for 2021-2022 to 168 million compared to peak years [1] - BYD emerged as the largest beneficiary of subsidies, receiving a total of 7347 million across its operations in Shaanxi and Shenzhen, followed by Tesla with 3015 million [1] Subsidy Distribution - The 2021-2022 subsidies predominantly favored traditional automakers, with companies like FAW-Volkswagen and SAIC Volkswagen receiving substantial amounts, while new energy vehicle startups had limited representation [2] - The total number of NEVs reported by domestic automakers from 2016 to 2020 was 75,814, but only 54,089 were approved, leading to a discrepancy of approximately 860 million in subsidy claims [2] Regulatory Trends - The recent subsidy audit and pre-allocation reflect a trend towards more precise and standardized subsidy policies, with stricter review processes becoming the norm [3] - The overall dependence of the NEV industry on subsidies has decreased, indicating a growing self-sustainability within the sector [3]