Nio founder, chairman and CEO William Li Bin said today that even though Tesla's market cap exceeds Toyota's, its market share is still very low. The auto industry is not winner-take-all, which gives more opportunities to startups like Nio and legacy car makers.
Li Bin made the remarks at the 12th China Automotive Blue Book Forum held on August 11. In his view, the rate at which smart electric cars are replacing traditional cars is accelerating, intelligence is an important label for future cars, and electrified cars are in the best position.
"When we talk about cars again in 10 years or so, it will be smart electric cars and they must be purely electric," Li Bin claimed.
He added that the ultimate form of electric car products will emerge in the next three to five years, and that smart electric cars will spread faster than expected.
Li Bin also said that at present in the Chinese auto market, traditional car companies are still "the mainstay", while innovative companies such as Nio, still have a long way to go.
"Although Nio has caught up with traditional car companies in terms of market capitalization, there is still a big gap in terms of market share and product sales," Li Bin said.
In Li Bin's view, the only way for both traditional and innovative companies to gain more opportunities in the market is to recognize the need for transformation.
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