(Yicai) Aug. 19 -- BAIC BJEV, the electric vehicle unit of BAIC Group and maker of the Arcfox, Beijing, and Stelato brands, received more than 30 percent of China’s EV subsidies during the country’s five-year green energy drive that ended in 2020, making it the single largest recipient.

China disbursed nearly CNY1.7 billion (USD202.6 million) in EV subsidies during the program, and BAIC BJEV was allocated about CNY560 million (USD78 million), according to a program review recently released by the Ministry of Industry and Information Technology.

By comparison, BYD received CNY15.7 million (USD2.2 million), Chery Automobile around CNY34.7 million, and Tesla CNY3.6 million (USD499,814), each accounting for less than 3 percent of the total.

From 2016 to 2020, China accelerated its push toward electric mobility to support its carbon neutrality target for 2030. The initiative was backed by four ministries, including the Ministry of Finance, and began in 2016 with a range of subsidies that were later replaced by tax incentives.

The subsidies covered battery electric, plug-in hybrid, and fuel cell vehicles, with amounts varying by vehicle type and range. In 2016, battery electric passenger cars qualified for between CNY25,000 and CNY55,000 (USD3,480 to USD7,657) in subsidies.

Regionally, Beijing led all areas with over CNY700 million in subsidies during the five-year period, followed by Zhejiang with CNY303 million. Hubei and Sichuan placed third and fourth with about CNY130 million each.

However, many automakers faced sharp downward revisions to their expected subsidy amounts. Chery, BAIC BJEV, and BYD saw reductions of CNY237 million, CNY163 million, and CNY145 million, respectively.

Analysts attributed most cuts to noncompliance issues, such as inaccurate registration data, shorter-than-expected vehicle lifecycles, or failed on-site inspections. Tesla, for example, lost a previously anticipated CNY7.6 million during the final review.

Despite these adjustments, the subsidies significantly boosted market growth. According to the China Association of Automobile Manufacturers, EV sales surged to nearly 1.4 million in 2020 from 507,000 units in 2016, representing a compound annual growth rate of 28.1 percent.

Editor: Emmi Laine