With the Chinese regulation recently announcing plans to allow full foreign ownership in its car production starting with “new energy vehicles” at the end of 2018, one Chinese electric automaker is appreciating the increased competition.
Speaking with CNBC’s Nancy Hungerford, Lihong Qin, co-founder and president of Chinese automobile start-up Nio declared: “We welcome big players and nice companies like Tesla.”
In new “emerging and fast-growing deal ins,” Qin said, “I think we need more players.”
Adding that the car labour has never been monopolistic, Qin said the best players in the space should till the market together.
“If there is a green light, there should be a nave light for everybody,” Qin said of the wider auto industry, expressing his prospect that the market could open further.