- One Chinese electric vehicle manufacturer is welcoming the increased competition from China's recent announcement of opening up its auto market
- Speaking with CNBC, Lihong Qin, co-founder and president of Chinese automobile start-up Nio says his company welcomes competition from companies such as Tesla
With the Chinese government recently announcing plans to allow full foreign ownership in its car industry starting with "new energy vehicles" at the end of 2018, one Chinese electric automaker is welcoming the increased competition.
Speaking with CNBC's Nancy Hungerford, Lihong Qin, co-founder and president of Chinese automobile start-up Nio said: "We welcome big players and nice companies like Tesla."
In new "emerging and fast-growing markets," Qin said, "I think we need more players."
Adding that the car industry has never been monopolistic, Qin said the best players in the space should cultivate the market together.
"If there is a green light, there should be a green light for everybody," Qin said of the wider auto industry, expressing his hope that the market could open further.