"BYD received a total of 37.1 billion yuan in tax rebates over the five-year period, nearly four times the 9.3 billion yuan it received in subsidies. Additionally, BYD has secured long-term bank loans at interest rates between 2.05% and 2.98%, lower than the one-year prime lending rate of 3.35%, according to the company filings. "

The overt subsidies mostly existed in the early part of the development process. It's a playbook that's quite commonly used in East Asian economies. Basically it goes like this:

1. Erected barriers to foreign competition and hand out subsidies to simulate local competition

2. Withdraw subsidies to push industries towards mergers and leave only a few big companies in the industry

3. Remove barriers to foreign competitions (i.e. invite Tesla) to foster innovations

4. Export

This makes it devilishly hard to quantify the amount of subsidies received and it's intentional.

China isn't the first to do this but rather borrowed the playbook from Taiwan, Korea, and Japan, who borrowed it from Germany, who, ironically, was inspired by the idea of industrial policy from Alexander Hamilton (https://www.bloomberg.com/news/audio/2024-03-14/odd-lots-ind...)