Chinese Tesla rival Nio hits out against US protectionism

illuminem summarizes for you the essential news of the day. Read the full piece here in The Financial Times or enjoy below

🗞️ Driving the news: William Li, founder and CEO of Shanghai-headquartered Nio, has called on the US government to provide Chinese electric vehicles with equal access to the American market
• He argues that carmakers should be excluded from political tensions between China and the US

🔭 The context: This call comes at a time when Chinese EV makers, including Nio, BYD, Xpeng, and Li Auto, are actively expanding overseas
• Exports have grown vital for these companies as the domestic Chinese car market, the world's largest, has become intensely competitive

🌎 Why does it matter for the planet: Increasing global access to electric vehicles can accelerate the transition away from fossil fuel-powered transportation, reducing greenhouse gas emissions and contributing to global climate change mitigation efforts

⏭️ What's next: The situation is complicated by high tariffs on vehicles from China and uncertainty over access to subsidies and the treatment of Chinese-branded vehicles and China-made EV components under Joe Biden’s Inflation Reduction Act

💬 One quote: "The world should be more open and stop politicising business,” Li said in an interview with the Financial Times (William Li, founder and CEO of Nio)

📈 One stat: Despite intense competition at home, Nio managed to deliver 23,520 vehicles in China in the second quarter of this year. However, its share in the domestic market for pure electric cars and plug-in hybrids shrank to 1.3% from 2.3% in the first quarter

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