12.5B rmb is like 1.5% of BYD operating revenue. It's nothing. Western brands range from 1-3%. BYD subsidy is pedestrian, ~400 USD per car. Do you think any western brands can compete with BYD if they bumped unit costs by $400. Rhe answer is no.

Also what dumping? They're selling abroad at 2x domestic MRSP, i.e. $10,000s over domestic price, aka fully covers any subsidy, multipe times over. PRC "dumping" is just delulu innumerate cope at this point. The reality is without subsidies PRC structurally make cars for much less (~50%) than western auto, a few $100 per chassis of subsidies is immaterial to $10,000s of retail price gap.

How do we know the actual subsidies they receive? Though I wouldn't be surprised if BYDs really are that much cheaper to produce.

OPs post was from BYD filings. But parsimonious answer is look at literally every industrial sector PRC involute/value engineered to more and more affordable prices, which they have been doing, for decades, and still remains cheap. Hence entire PRC industry subsidize + dump and take over narrative is mathematically stupid. PRC isn't continuously/ruinously subsidizing global TVs, phones, toy, clothes, machine tools insert whatever category for the last 20+ years in some grand scheme to drive western industry out of business. They are simply good at value engineering, and they have to simply to compete domestically.

Or just do the simple math, if one assume western auto production is somehow competitive with PRC auto if PRC auto simply no subsidies, we are talking about PRC subsidizing each vehicle to tunes of $10000s... PRC made 35m cars last year. For this frankly retarded position to mathematically square, PRC would have to subsidizes ~300B+... aka more than they spend on defense in one sector. The entire position PRC competitive because subsidies is unserious. Even overinflated CSIS study only assumes PRC spend ~250B over 15 years. Like you can come up with the dumbest propaganda numbers on PRC auto subsidies (which CSIS is), and PRC structural production advantage is simply economically unassailable.

BYD were early adopters of the electric vehicle(they already dominated electric buses, having plants in the USA and Europe 10 years ago).

The rest of the car industry was sleeping on electric, while BYD made it their sole focus. That s why they're now eating everyones lunch.