Gurley reports BYD executive denying government subsidies and challenging critics to find evidence in public filings.
“I brought up the subsidization with Stella Lee at BYD, and she said she said, if I'm getting all this government subsidy money, can you please find it and show it to me?”
Gurley argues Chinese government may not prioritize market cap as a win, citing BYD's recent 30% price cut.
“the Chinese government may not consider that part of the objective function of what a win is. And in the past three weeks, we saw BYD take prices down 30%.”