HONG KONG -- The founder of Chinese electric vehicle maker Nio has shrugged off the efforts of established automakers to develop EVs and said his company faces no meaningful challenge in the premium market in China.
Nio, which has emerged as the top homegrown challenger to Tesla in China's EV market, reported a narrower loss and improved gross margin in the first quarter of its financial year. But deliveries fell short of its target after a global shortage of auto chips led Nio to suspend production for five days.
