CHINA EV SCANDAL! Billions in Fraudulent Subsidies EXPOSED!
I’m going to get a bit of fair bit of heat from this video, but you know what? I think it needs it needs to be told. China’s EV scandal, it shows just how easy it was to cheat the system. Now, Europe said that Chinese EV companies, some of them were getting big subsidies from the Chinese government just to sell cars in Europe. they sold a car. If they sold a car in Europe and you know it was actually sold there, they’d get paid out a lot of money. Now, no one knew this when it happened and I think there was a little bit of questioning about this situation. H but here’s the thing. Unfortunately, the subsidy system in China is kind of well, it was kind of wild. A Chinese audit revealed that $121 million US in EV subsidies was given to companies that didn’t even qualify. BED and Cherry received millions of dollars for vehicles that failed to meet the requirements and well China’s government hasn’t confirmed what they’re going to do about this. But I can tell you right now they’re not happy. They’re already not happy with Bod. They saying Bod they had a meeting with Bod and other big car companies in China and other companies said B you’re destroying the automotive industry. Literally that’s what they said. And I’ve in person spoken to some of these executives that work at car brands in China. They’ve told me that they are pissed off that they think that this situation is created by predominantly by beauty and it’s damaging the entire automotive industry. Uh they are very much against what’s been happening and this is kind of adding fuel to the fire. Now China’s electric vehicle industry has seen huge growth in recent years. A lot of that momentum has been fueled by generous government incentives. Now, I personally don’t have a problem with government incentives. I think this has always been the case. It’s been the case for the US car market, for the European car market, but I don’t like it when companies take advantage of this kind of in order to cook the books and get more subsidies. This support has helped China become and establish as the global EV powerhouse. And they undoubtedly are the best ch the best EVs in the world are made. Most of them are made in China. But a lot of these subsidies haven’t been fairly or properly claimed. Now, $230 billion has gone into the EV industry. A study has recently found. I would say it’s probably a lot more than that, but at least $230 billion we know has gone to the EV industry. I think that’s probably a good thing, guys. Honestly, the truth is if you live in a city, you’re breathing in toxic f fumes from gasoline powered vehicles, diesel powered vehicles, and if you get an EV, then that’s going to help. I mean, if your city converts to EVs only, your chances of getting cancer are much lower, right? All this inflammation being caused by these fumes is toxic. So, you have to consider the the total picture here when you say, well, you know, is the Chinese companies taking over the automotive industry? Is it a bad thing because they’re taking over jobs from the west? That’s true. But they’re probably also going to save our bacon. You know, save our health to some degree. Some of the country’s biggest names in the EV space though, including Billy and Cherry, have received funds they were not entitled to. An audit of China’s EV subsidy program covering the years 2016 through to 2020, uncovered that at least $121 million at current exchange rates was distributed to automakers that didn’t meet the qualifying criteria. Cherry, for instance, claimed $33 million US for $8,900 electric and hybrid vehicles that were not eligible for the subsidy. Now, guys, there’s YouTubers in China, I don’t know if they really live in China, but they look Chinese and they speak Chinese, saying that actually this scandal’s way bigger and way worse than what the media has reported on saying that these well, one particular company is cooking the books and they aren’t selling the EVs they’re saying they are. They’re lying about a lot of the sales they’re getting. I haven’t done a beyond this because I can’t actually prove that this is true, but I’m just telling you what they’re saying. People have sent me email after email after email saying, “Look at this. Look at this. Look at this.” And I the reason I haven’t talked about this is cuz I just don’t know if this if this is correct. But this kind of these kind of issues do make you question. They do make you wonder. China’s Ministry of Industry and Information Technology has revealed that around 20 million worth of subsidies were provided to BD for just 5,000 car well in fact 4,900 cars. Well, we don’t know if these subsidies had to be returned to the authorities or if the excess payments were deducted from recent payments. As Bloomberg said, Bloomberg is saying, um, the Chinese government know about this and they’ve basically taken this money back from these car companies. China launched its EV subsidy program in the early 2010s, well, way before everyone else kind of got on got into this, which was really smart. They provided as much as $8,400 per car. Massive subsidies. This rebate was paid in bulk to manufacturers who could then use the discount to slash prices for customers. As it turns out, the program was rife for scams. And in 2016 alone, it’s reported that dozens of companies, dozens of brands fortunately claimed about $1.3 billion in subsidies. I mean, wild amounts of money here. Unfortunately, the truth is that there’s been a scandal recently saying a lot of manufacturers are still claiming these subsidies by uh saying these cars are sold, but they’re not actually and then reselling them as used vehicles on the used car market. There’s a lot of kind of underhand stuff going on according to media reports. Government officials are keeping a watchful eye on the local EV market now and trying to get on top of this. They obviously don’t like being scammed. Car brands have been urged to stop the ongoing price war and to stop using shady sales targets to boost volumes. It was recently revealed that many companies are providing new dealers to traders and dealers in or new cars to traders and dealers in bulk who then register the cars um so the brands can record them as sales. These vehicles then hit the market as zero mileage used cars. And this is happening. We just don’t know how many cars this is being done with. And so potentially that’s one of the reasons why BD dealerships have massive over supply of cars. Like it they just many of them are saying we can’t take all these cars. The car parks are full. So that’s what’s been happening. Is Body still successful this year? I mean are their sales numbers bogus? No. I mean, we don’t know how many of these sales are happening, you know, on the used car market. And how many cars are sitting around? No one knows. That’s the truth. I think BD’s actually had a a successful year. But, of course, their sales targets are very aggressive. They want to sell 5 million cars this year, more than that, in fact. And to hit those numbers, they feel probably under pressure. They feel like they’ve got to do some some of this stuff, which isn’t good. Body makes great cars. They’re still got a very good brand, but I feel like they’re kind of trashing the brand a little bit by doing this stuff. It’s kind of hurting the brand. Negative media goes out and they build a response to this negative media by saying they’re going to um sue influencers and YouTubers and whatever. And they are doing this. They have a list apparently of 175 people that are on I think I’m probably on the list that they are monitoring to see if u they say things that um they can be sued for. So, it’s a situation that I don’t think needs this whole thing, all this stuff going on lately. I don’t think any of this needs to happen. Build a make great cars. They’re great company. Um, that’s doing some things that are kind of Nissen like. Anyway, guys, let me know what your thoughts are. Thanks for watching. [Music]
CHINA EV SCANDAL! Billions in Fraudulent Subsidies EXPOSED!
A massive EV subsidy fraud scandal has erupted in China, with over $10 billion in government funds allegedly claimed through fake sales and inactive vehicles. Authorities are cracking down on dozens of companies, including major automakers and suppliers, in what may be the biggest industrial fraud in the nation’s green transition.
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China’s EV Scandal Shows Just How Easy It Was To Cheat The System
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