- William Li grew up in a rural Chinese village without electricity.
- He has co-founded and invested in 40 companies, including premium EV startup Nio.
- Lee is no stranger to his fans and Nio owners can contact him directly through the car's app.
China is the world's leading electric vehicle market, and Nio is one of its leading companies.
The Shanghai-based premium EV company was co-founded in 2014 by CEO William Li.
William Li, also known as Bing Li, has been dubbed “China's Elon Musk'' for his push to develop self-driving electric vehicles and his loyal fan base. At his company's annual “Nio Day,” he attracted 10,000 of his Nio owners to watch the unveiling of his newest vehicle, the ET9.
Here are eight things to know about Nio's CEO.
1. Lee grew up on a dairy farm.
Born in 1974, Li grew up on a dairy farm in China's agricultural Anhui province. His village didn't have electricity until he was in high school.
He entered Peking University, one of the most prestigious universities in China, to study sociology and law. He started his first company at the age of 21.
Since then, he has co-founded and invested in 40 companies in the Internet and automotive industries. According to the FT, three of his companies have gone public, including his Bitauto in 2010 and his Nio in 2017.
It is unclear how much Lee's net worth is. Although listed as a billionaire in some rankings, he is not currently included in the Bloomberg Billionaires Index.
2. He co-founded his first major company in his mid-20s
Car comparison website Bitauto was co-founded by Lee in 2000. This was his first major success in the market and he was listed on the New York Stock Exchange in 2010.
The company was taken private in 2020 through a $1.1 billion acquisition, and Lee stepped down as CEO to focus on Nio.
3. His company is a pioneer in battery replacement charging technology
Lee differentiates his company from other EV players such as Tesla and BYD with its battery swapping technology.
Instead of plugging in the car and waiting for it to charge, users can replace a depleted battery with a fully charged battery at a designated station. This process takes him just under 5 minutes.
To control costs, customers can purchase a car without a battery and pay a monthly subscription to access a replacement station. He has more than 2,000 stations across China and about 30 stations in Europe.
The infrastructure for this service will still take time to build and remains more expensive than regular charging.
4. The latest Nio model can shake off the snow like a puppy
Nio's new ultra-premium model, the ET9, can independently shake off snowpack and remove windshields and roofs.
Lee also demonstrated the car's stability with a video showing a champagne glass filled with liquid balancing on the front of the car as it traverses a bump.
5. Nio cars come with a hefty price tag.
Nio's premium smart EV could be more expensive than Tesla, CNBC reported.
The ET9 will start shipping in China in 2025 and will cost customers $112,000, making it Nio's most expensive car.
Midsize cars like the Nio ES7 SUV cost about $68,000, much more expensive than Tesla's Model Y, which sells in China for around $40,000.
6. Lee's fans can message him directly whenever they want
Lee wants Nio customers to feel like they're members of a club.
Anyone who purchases a Nio car has access to the “Nio House,” which includes a meeting room, lounge, barista, and supervised children's play area.
Last year, the company launched its own Nio smartphone that connects to the Nio EV. Customers can use their phones to unlock their cars, adjust their seating preferences, and activate their cars' self-parking features.
Nio owners can also send feedback by directly messaging Li in the car's app. According to the FT, this meant that some senior executives at the company faced calls from Lee in the middle of the night to implement customer proposals.
7. Nio has developed a battery that can last more than 649 miles – and Lee livestreamed trying it out for 14 hours
In December, Li showcased the EV's revolutionary battery life in a livestream of a 14-hour car journey from Shanghai to Xiamen, all done on a single battery charge.
After driving a distance of 1,044 km (649 miles), the NIO ET7 was charged to 3%.
8. Unfortunately for Mr. Lee, Nio cars are not yet sold in the United States.
In an interview with the FT, Li expressed dissatisfaction with the 25% tariff imposed on Chinese-made EVs sold in the US.
He said geopolitical tensions between the US and China should not affect business. Nio already has U.S. ties, is listed on the New York Stock Exchange, and most of its investors are from outside China.
But some U.S. manufacturing advocacy groups are calling for a block to Chinese-made EVs being imported from outposts in Mexico, citing a threat to the domestic industry, Reuters reported. Elon Musk said that if allowed to be sold in the United States, “Chinese EVs will almost wipe out American automakers.”