China EV maker Nio urges openness in US speech amid tensions

SHANGHAI: Chinese electric vehicle (EV) maker Nio’s founder called for openness in a rare speech in the United States, where politicians have been seeking to further restrict China’s access to the world’s second-largest auto market.

William Li, speaking at an event at Harvard University on Saturday, said rapid EV growth in China resulted from an “open and competitive” market where “all products are welcome regardless of their brands or origins”.

He cited Tesla’s success in China, where billionaire Elon Musk’s automaker has sold 1.36 million EVs in the past three years, adding its presence boosted EV penetration and energised the industry.

“Competition will lead to greater investment, longer time to break even, less margin for mistakes and lower chances of success,” Li said, according to a transcript of his speech provided by the company.