BYD has rejected EU accusations that the success of Chinese car companies stemmed from state aid as Brussels forges ahead with a probe into whether local subsidies were helping electric cars made in China undercut European-made models.
“Our success is not because of the subsidy, it’s because we have unique technology . . . and our management efficiency is high,” said Michael Shu, European president of BYD, one of China’s leading auto groups.
“It’s because we invested in this technology much earlier, and much more, than competitors. It’s not because of the subsidy,” he added in the company’s first public comment on the probe launched last year.
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