BEIJING — China spent $230.8 billion over more than a decade to develop its electric car industry, according to analysis published Thursday by the U.S.-based Center for Strategic and International Studies.

The scale of government support represents 18.8% of total electric car sales between 2009 and 2023, said Scott Kennedy, trustee chair in Chinese Business and Economics at CSIS. He noted the ratio of such spending to EV sales has declined from more than 40% in the years prior to 2017, to just above 11% in 2023.

The findings come as the EU plans to impose tariffs on imports of Chinese electric cars over the use of subsidies in their production.

Last month, the U.S. announced it was raising duties on imports of Chinese electric vehicles to 100%.

Source: CNBC