The billionaire founder of the Chinese electric vehicle (EV) company, which is now one of the world’s most valuable automakers, has called on US and Chinese leaders to develop “better trust in each other” as they try to reach a new cut. carbon emissions.
William Li is the founder of the executive director of NIO. The EV manufacturer is sometimes labeled as the killer Tesla in China. Its value has increased since the company came close to the financial collapse at the end of 2019.
Speaking to the BBC in Shanghai just days after US President Climate Envoy John Kerry came to the city for two days of talks with government officials, Mr Li said that “in the current international relations it is very difficult to reach a mutual understanding agreement. “
NIO is at the forefront of China’s effort to dominate the EV industry. He bet heavily on the interchangeable batteries in his cars as a way to overcome customer concerns about frequent charging.
China’s electric vehicle market is currently facing overcapacity and a lot of players. The number of registered manufacturers is over 500. In March, sales of electric vehicles in China exceeded 10% of total vehicle sales.
Tesla now also makes cars in China for the Chinese market. Elon Musk obtained significant financial support for his factory from the Shanghai government.
Li Bin, as he is known in China, told the BBC that he believed Tesla was the biggest beneficiary of the state’s efforts to stimulate development, saying the American giant “is the one that benefits most from Chinese regulations”.
Mr Li added that Beijing’s political support “does not apply specifically to a company or an industry … it is not just one company, but the whole (of) society has to work on it”.
NIO and Tesla are now among the most valuable car companies in the world; it’s worth more than Ford, despite sales still in the thousands, not millions. Both are at the forefront of the race to develop the most advanced proprietary knowledge about self-driving.
William Li is a serial entrepreneur and, since the establishment of NIO in 2014, he has become one of the most well-known technology leaders in China. NIO is listed on the New York Stock Exchange and Mr. Li made comparisons with Alibaba e-commerce platform founder Jack Ma, who also has a significant footprint in both China and the United States.
But Mr Ma’s business empire has come under increasing pressure from China’s financial and antitrust regulators, and many are worried that other Chinese technology firms could be next.
Asked if he is nervous about such prominence and is labeled Jack Ma of the EV industry, Mr Li told the BBC “we are a customer-based company and I have never worried about such things”.
However, these are nervous times for companies facing regulatory requirements in the US and China and have global ambitions spanning both countries.
NIO was worried about talking to the BBC. Especially after a recent campaign in the Chinese state press, attacking the corporation to cover human rights abuses in Xinjiang and Covid-19.
A press executive at the company told us they did not want to be the only electric vehicle company presented by the BBC in connection with China’s efforts to deal with pollution.
Months of negotiations over trying to get an interview with CEO William Li proved to be successful only when I was able to meet him in person.
NIO is leading spending for China in an industry it hopes to revolutionize. It has the support of global investors, but also of an arm of the Chinese government, which helped keep it afloat in 2019.
Another media executive of the company told me that drawing international attention to their efforts is “an act of balancing.”