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.