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NIO Li Bin: Entry of Huawei & Xiaomi into Carmaking Intensifies Competition, but Enables Learning From Each Other
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Li Bin, chairman of NIO-SW (09866.HK), remarked that the entry of Huawei, XIAOMI and other mobile phone makers into the auto industry has brought fresh topics and traffic, which is a good thing for the industry. Though the pressure of more competitors will be high, he believed it is also a process of learning from each other, beneficial for accelerating the transformation from ICEVs to NEVs and the increase of NEV penetration rate. In addition, Li Bin pointed out that NIO's Onvo brand is targeting a larger market, and its strengths are based on NIO's R&D investment, service, and capabilities of its battery charging-swapping system. Onvo has been incubated with a lot of support from the mature system since its founding Li Bin is not worried that Onvo will steal sales from the NIO main brand. Instead, he is more concerned that Onvo is in a market where there are already excellent companies and products, such as XIAOMI-W (01810.HK), LI AUTO-W (02015.HK), and Zeekr. AAStocks Financial News |
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