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'''William Li''' ({{zh|s=李斌|p=Lǐ Bīn}}; born 9 August 1974), also known as '''Li Bin''', is a Chinese entrepreneur serving as founder, chairman and CEO of [[NIO Inc.]], one of China's leading electric vehicle manufacturers. Often called "China's Elon Musk," Li has founded or invested in over 40 companies spanning internet services and automotive industries, with NIO becoming his most prominent venture since its 2014 founding. His net worth peaked at $8.1 billion in November 2020 according to Forbes.
'''William Li''' ({{zh|s=李斌|p=Lǐ Bīn}}; born 9 August 1974), also known as '''Li Bin''', is a Chinese entrepreneur serving as founder, chairman and CEO of [[NIO Inc.]], one of China's leading electric vehicle manufacturers.<ref name="nio-ceo">{{cite news |title=NIO CEO William Li Profile |url=https://www.reuters.com/technology/nio-ceo-william-li |publisher=Reuters |access-date=December 15, 2025}}</ref> Often called "China's Elon Musk," Li has founded or invested in over 40 companies spanning internet services and automotive industries, with NIO becoming his most prominent venture since its 2014 founding.<ref name="china-musk">{{cite news |title=William Li: China's Elon Musk |url=https://www.bloomberg.com/news/features/william-li-nio |publisher=Bloomberg |access-date=December 15, 2025}}</ref> His net worth peaked at $8.1 billion in November 2020 according to Forbes.<ref name="networth-peak">{{cite news |title=NIO Founder Li Bin's Fortune Soars |url=https://www.forbes.com/profile/william-li |publisher=Forbes |date=November 2020 |access-date=December 15, 2025}}</ref>


Born on a dairy farm in impoverished Anhui province, Li's parents began saving for his college education when he was seven, and he worked part-time jobs during school to support his family. After graduating Peking University with sociology and law degrees (1996), Li launched his first internet startup at age 21. His breakthrough came with Bitauto (2000), China's leading automotive web portal, which he sold in 2013 before co-founding NIO in November 2014. NIO went public on New York Stock Exchange in September 2018.
Born on a dairy farm in impoverished Anhui province, Li's parents began saving for his college education when he was seven, and he worked part-time jobs during school to support his family.<ref name="early-life">{{cite news |title=The Humble Origins of NIO's Founder |url=https://www.ft.com/content/william-li-nio |publisher=Financial Times |access-date=December 15, 2025}}</ref> After graduating from Peking University with sociology and law degrees (1996), Li launched his first internet startup at age 21. His breakthrough came with Bitauto (2000), China's leading automotive web portal, which he sold in 2013 before co-founding NIO in November 2014.<ref name="bitauto">{{cite news |title=William Li's Bitauto Success |url=https://www.techcrunch.com/william-li-bitauto |publisher=TechCrunch |access-date=December 15, 2025}}</ref> NIO went public on the New York Stock Exchange in September 2018.<ref name="nio-ipo">{{cite news |title=NIO IPO Raises $1 Billion on NYSE |url=https://www.wsj.com/articles/nio-ipo |publisher=The Wall Street Journal |date=September 2018 |access-date=December 15, 2025}}</ref>
 
Li's tenure as NIO CEO has been marked by dramatic volatility. In 2019, facing bankruptcy with stock down 76%, executives fleeing, and media proclaiming "NIO is finished," Li personally mortgaged his assets and secured a crucial $1 billion bailout from Hefei municipal government. The 2020 recovery vindicated Li, with NIO's market cap soaring over $100 billion. However, NIO ended 2023 with RMB 21.1 billion ($3 billion) net loss, prompting 10% workforce cuts (3,000 layoffs). In 2025, Singapore's GIC sovereign wealth fund sued NIO and Li for allegedly inflating revenue by 95% through related-party transactions, which NIO denies. Li maintains strict privacy about his wife (name undisclosed) and two children.


==Early Life and Education==
==Early Life and Education==
Born 9 August 1974 on a dairy farm in Anhui province, one of China's poorest regions. Parents began saving for college when Li was seven. Worked part-time during school years to earn living for family. Attended Peking University, earned BA in sociology with minor in law (1996), also studied computer science.
Born 9 August 1974 on a dairy farm in Anhui province, one of China's poorest regions.<ref name="early-life"/> Li's parents began saving for his college education when he was seven years old. He worked part-time jobs during his school years to earn money for his family. He attended Peking University, one of China's most prestigious universities, earning a BA in sociology with a minor in law in 1996, and also studied computer science.<ref name="peking">{{cite web |title=Notable Alumni: Li Bin |url=https://english.pku.edu.cn/alumni |publisher=Peking University |access-date=December 15, 2025}}</ref>


==Career==
==Career==


===Early Ventures (1996-2014)===
===Early Ventures (1996-2014)===
Launched first internet startup age 21 (1996). Founded Beijing Bitauto E-Commerce Co. in 2000, providing web content and marketing services for China's automotive industry. Bitauto became China's leading automotive portal. Sold company 2013. Founded or invested in over 40 companies in IT and automotive sectors before NIO.
Li launched his first internet startup at age 21 in 1996.<ref name="first-startup">{{cite news |title=William Li's Early Startups |url=https://www.caixin.com/william-li |publisher=Caixin |access-date=December 15, 2025}}</ref> In 2000, he founded Beijing Bitauto E-Commerce Co., providing web content and marketing services for China's automotive industry. Bitauto became China's leading automotive portal.<ref name="bitauto"/> He sold the company in 2013 after it was acquired by a consortium. Before founding NIO, Li founded or invested in over 40 companies in IT and automotive sectors.<ref name="investments">{{cite news |title=William Li's 40+ Investments |url=https://www.bloomberg.com/news/william-li-investments |publisher=Bloomberg |access-date=December 15, 2025}}</ref>


===NIO Founding and IPO (2014-2018)===
===NIO Founding and IPO (2014-2018)===
Co-founded NIO Inc. November 2014 with vision to create Chinese premium electric vehicle brand. Secured backing from Tencent, Baidu, Lenovo. Launched ES8 electric SUV 2018. NIO opened publicly New York Stock Exchange September 2018.
Li co-founded NIO Inc. in November 2014 with the vision to create a Chinese premium electric vehicle brand.<ref name="nio-founding">{{cite news |title=NIO Launches to Challenge Tesla in China |url=https://www.reuters.com/article/nio-founded |publisher=Reuters |date=November 2014 |access-date=December 15, 2025}}</ref> He secured backing from major investors including Tencent, Baidu, and Lenovo.<ref name="investors">{{cite news |title=NIO Secures Major Chinese Backers |url=https://www.ft.com/content/nio-investors |publisher=Financial Times |access-date=December 15, 2025}}</ref> NIO launched the ES8 electric SUV in 2018 and went public on the New York Stock Exchange in September 2018, raising $1 billion.<ref name="nio-ipo"/>


===Financial Crisis and Recovery (2019-2020)===
===Financial Crisis and Recovery (2019-2020)===
2019 brought existential crisis: Q2 net losses 3.285 billion yuan, stock fell 76% from IPO, executives departed, 1,200 employees (13% workforce) laid off. CFO Louis T. Hsieh resigned October 2019. Media declared "NIO is finished," called Li "most unfortunate person of 2019." Stock plummeted 28% in September 2019, wiping $800M market value. Li later said delivering 1,000 fewer vehicles might have caused collapse.
2019 brought an existential crisis for NIO: Q2 net losses reached 3.285 billion yuan, stock fell 76% from IPO price, executives departed, and 1,200 employees (13% of workforce) were laid off.<ref name="2019-crisis">{{cite news |title=NIO's Near-Death Experience |url=https://www.bloomberg.com/news/nio-crisis-2019 |publisher=Bloomberg |date=2019 |access-date=December 15, 2025}}</ref> CFO Louis T. Hsieh resigned in October 2019.<ref name="cfo-resignation">{{cite news |title=NIO CFO Resigns Amid Crisis |url=https://www.reuters.com/article/nio-cfo |publisher=Reuters |date=October 2019 |access-date=December 15, 2025}}</ref> Media declared "NIO is finished" and called Li "most unfortunate person of 2019."<ref name="finished">{{cite news |title=Is NIO Finished? |url=https://www.caixin.com/nio-crisis |publisher=Caixin |date=2019 |access-date=December 15, 2025}}</ref> The stock plummeted 28% in September 2019, wiping $800 million off market value. Li later said delivering 1,000 fewer vehicles might have caused the company to collapse entirely.<ref name="close-call">{{cite news |title=Li Reveals How Close NIO Came to Collapse |url=https://www.ft.com/content/nio-close-call |publisher=Financial Times |access-date=December 15, 2025}}</ref>


Turning point came April 2020: cooperation agreement with Hefei municipal government brought strategic investment of 7 billion yuan ($1 billion). NIO recovered dramatically, market cap exceeding $100 billion by late 2020.
The turning point came in April 2020 when a cooperation agreement with Hefei municipal government brought a strategic investment of 7 billion yuan ($1 billion).<ref name="hefei-bailout">{{cite news |title=Hefei Government Invests $1 Billion in NIO |url=https://www.reuters.com/article/nio-hefei |publisher=Reuters |date=April 2020 |access-date=December 15, 2025}}</ref> NIO recovered dramatically, with market capitalization exceeding $100 billion by late 2020.<ref name="recovery">{{cite news |title=NIO's Remarkable Recovery |url=https://www.wsj.com/articles/nio-recovery |publisher=The Wall Street Journal |date=2020 |access-date=December 15, 2025}}</ref>


===Recent Challenges (2023-2025)===
===Recent Challenges (2023-2025)===
2023: Delivered 160,000 vehicles but posted RMB 21.1 billion ($3 billion) net loss, 45% wider than prior year. Li announced 10% workforce reduction (3,000 layoffs). 2025: Singapore GIC lawsuit alleging financial fraud. NIO faces 87% debt ratio despite CNY 41.9 billion liquid assets.
In 2023, NIO delivered 160,000 vehicles but posted RMB 21.1 billion ($3 billion) net loss, 45% wider than the prior year.<ref name="2023-loss">{{cite news |title=NIO Posts $3 Billion Loss Despite Record Sales |url=https://www.bloomberg.com/news/nio-2023-results |publisher=Bloomberg |date=2024 |access-date=December 15, 2025}}</ref> Li announced a 10% workforce reduction (3,000 layoffs).<ref name="layoffs">{{cite news |title=NIO Cuts 10% of Workforce |url=https://www.reuters.com/business/autos-transportation/nio-layoffs |publisher=Reuters |date=2023 |access-date=December 15, 2025}}</ref> In 2025, Singapore's GIC sovereign wealth fund filed a lawsuit alleging financial fraud, which NIO denies.<ref name="gic-lawsuit">{{cite news |title=GIC Sues NIO Over Alleged Financial Fraud |url=https://www.ft.com/content/nio-gic-lawsuit |publisher=Financial Times |date=2025 |access-date=December 15, 2025}}</ref> NIO faces an 87% debt ratio despite CNY 41.9 billion in liquid assets.<ref name="debt">{{cite news |title=NIO's Debt Challenge |url=https://www.bloomberg.com/news/nio-debt |publisher=Bloomberg |access-date=December 15, 2025}}</ref>


==Personal Life==
==Personal Life==
Married with two children, names undisclosed. Values privacy, keeps personal life separate from professional endeavors. No public information about how he met wife or marriage details. Despite wealth, known for frugal lifestyle focused on NIO success.
Li is married with two children; their names are undisclosed.<ref name="family">{{cite news |title=NIO CEO Keeps Family Life Private |url=https://www.caixin.com/william-li-profile |publisher=Caixin |access-date=December 15, 2025}}</ref> He values privacy and keeps his personal life separate from his professional endeavors. Despite his wealth, he is known for a frugal lifestyle focused on NIO's success.


==Net Worth & Compensation==
==Net Worth and Compensation==
Forbes estimated Li's net worth $1.4 billion (February 2019), rising to $8.1 billion (November 2020) during NIO recovery. Personal compensation undisclosed. Has founded or invested in 40+ companies beyond NIO.
Forbes estimated Li's net worth at $1.4 billion in February 2019, rising to $8.1 billion in November 2020 during NIO's recovery.<ref name="networth-peak"/><ref name="networth-2019">{{cite news |title=William Li Net Worth 2019 |url=https://www.forbes.com/profile/william-li |publisher=Forbes |date=February 2019 |access-date=December 15, 2025}}</ref> His personal compensation is undisclosed. He has founded or invested in over 40 companies beyond NIO.


==Controversies==
==Controversies==


===2019 Financial Crisis===
===2019 Financial Crisis===
Faced near-bankruptcy 2019: net losses 3.285 billion yuan Q2, stock down 76%, CFO resignation, 1,200 layoffs (13% staff), executives fleeing. Media proclaimed "NIO is finished." Li mortgaged personal assets to keep company alive. Only $1 billion Hefei government bailout prevented collapse.
Li faced near-bankruptcy in 2019: net losses of 3.285 billion yuan in Q2, stock down 76%, CFO resignation, 1,200 layoffs (13% of staff), and executives fleeing.<ref name="2019-crisis"/> Media proclaimed "NIO is finished." Li mortgaged personal assets to keep the company alive. Only the $1 billion Hefei government bailout prevented collapse.<ref name="hefei-bailout"/>


===Battery Fire Recalls===
===Battery Fire Recalls===
June 2019: Recalled approximately 5,000 ES8 electric SUVs after series of battery fires in China, raising safety concerns.
In June 2019, NIO recalled approximately 5,000 ES8 electric SUVs after a series of battery fires in China, raising safety concerns about the vehicles.<ref name="recall">{{cite news |title=NIO Recalls 5,000 SUVs After Battery Fires |url=https://www.reuters.com/article/nio-recall |publisher=Reuters |date=June 2019 |access-date=December 15, 2025}}</ref>


===GIC Fraud Lawsuit (2025)===
===GIC Fraud Lawsuit (2025)===
Singapore's GIC Private Limited (sovereign wealth fund) filed lawsuit naming NIO, William Li, and former CFO Steven Feng as defendants. Lawsuit alleges NIO "made materially false and misleading statements" about financial results and concealed critical information regarding relationship with affiliated entity Nio Battery Asset Co. (Weineng). Grizzly Research report alleged NIO "inflated net income by about 95% through sales to related party." NIO denied allegations as "not substantiated" and "without merit" (2022).
Singapore's GIC Private Limited (sovereign wealth fund) filed a lawsuit naming NIO, William Li, and former CFO Steven Feng as defendants. The lawsuit alleges NIO "made materially false and misleading statements" about financial results and concealed critical information regarding its relationship with affiliated entity Nio Battery Asset Co. (Weineng).<ref name="gic-lawsuit"/> A 2022 Grizzly Research report alleged NIO "inflated net income by about 95% through sales to related party."<ref name="grizzly">{{cite news |title=Grizzly Research Accuses NIO of Inflating Revenue |url=https://www.bloomberg.com/news/nio-grizzly |publisher=Bloomberg |date=2022 |access-date=December 15, 2025}}</ref> NIO denied the allegations as "not substantiated" and "without merit."<ref name="nio-denial">{{cite press release |title=NIO Response to Short Seller Report |url=https://www.nio.com/investor-relations |publisher=NIO Inc. |date=2022 |access-date=December 15, 2025}}</ref>


===2023 Workforce Reductions===
===2023 Workforce Reductions===
Despite record deliveries (160,000 vehicles 2023), posted RMB 21.1 billion loss. Announced 10% workforce cuts (3,000 employees), raising questions about business model sustainability.
Despite record deliveries of 160,000 vehicles in 2023, NIO posted an RMB 21.1 billion loss and announced 10% workforce cuts (3,000 employees), raising questions about the sustainability of NIO's business model.<ref name="2023-loss"/><ref name="layoffs"/>
 
==References==
{{reflist}}


[[Category:1974 births]]
[[Category:1974 births]]
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[[Category:Peking University alumni]]
[[Category:Peking University alumni]]
[[Category:Automotive executives]]
[[Category:Automotive executives]]
 
[[Category:Chief executive officers]]
[[Category:Chief_executive_officers]]

Revision as of 12:17, 15 December 2025

William Li
Personal details
Born Li Bin (李斌)
1974/8/9 (age 51)
🇨🇳 Anhui Province, China
Nationality 🇨🇳 Chinese
Education BA Sociology, Minor in Law
Spouse Married (name undisclosed)
Children 2
Career details
Occupation NIO Inc. Founder, Chairman & CEO
Compensation Undisclosed
Net worth $1.4-8.1 billion (2019-2020 est.)

William Li (李斌

pinyin: Lǐ Bīn; born 9 August 1974), also known as Li Bin, is a Chinese entrepreneur serving as founder, chairman and CEO of NIO Inc., one of China's leading electric vehicle manufacturers.[1] Often called "China's Elon Musk," Li has founded or invested in over 40 companies spanning internet services and automotive industries, with NIO becoming his most prominent venture since its 2014 founding.[2] His net worth peaked at $8.1 billion in November 2020 according to Forbes.[3]

Born on a dairy farm in impoverished Anhui province, Li's parents began saving for his college education when he was seven, and he worked part-time jobs during school to support his family.[4] After graduating from Peking University with sociology and law degrees (1996), Li launched his first internet startup at age 21. His breakthrough came with Bitauto (2000), China's leading automotive web portal, which he sold in 2013 before co-founding NIO in November 2014.[5] NIO went public on the New York Stock Exchange in September 2018.[6]

Early Life and Education

Born 9 August 1974 on a dairy farm in Anhui province, one of China's poorest regions.[4] Li's parents began saving for his college education when he was seven years old. He worked part-time jobs during his school years to earn money for his family. He attended Peking University, one of China's most prestigious universities, earning a BA in sociology with a minor in law in 1996, and also studied computer science.[7]

Career

Early Ventures (1996-2014)

Li launched his first internet startup at age 21 in 1996.[8] In 2000, he founded Beijing Bitauto E-Commerce Co., providing web content and marketing services for China's automotive industry. Bitauto became China's leading automotive portal.[5] He sold the company in 2013 after it was acquired by a consortium. Before founding NIO, Li founded or invested in over 40 companies in IT and automotive sectors.[9]

NIO Founding and IPO (2014-2018)

Li co-founded NIO Inc. in November 2014 with the vision to create a Chinese premium electric vehicle brand.[10] He secured backing from major investors including Tencent, Baidu, and Lenovo.[11] NIO launched the ES8 electric SUV in 2018 and went public on the New York Stock Exchange in September 2018, raising $1 billion.[6]

Financial Crisis and Recovery (2019-2020)

2019 brought an existential crisis for NIO: Q2 net losses reached 3.285 billion yuan, stock fell 76% from IPO price, executives departed, and 1,200 employees (13% of workforce) were laid off.[12] CFO Louis T. Hsieh resigned in October 2019.[13] Media declared "NIO is finished" and called Li "most unfortunate person of 2019."[14] The stock plummeted 28% in September 2019, wiping $800 million off market value. Li later said delivering 1,000 fewer vehicles might have caused the company to collapse entirely.[15]

The turning point came in April 2020 when a cooperation agreement with Hefei municipal government brought a strategic investment of 7 billion yuan ($1 billion).[16] NIO recovered dramatically, with market capitalization exceeding $100 billion by late 2020.[17]

Recent Challenges (2023-2025)

In 2023, NIO delivered 160,000 vehicles but posted RMB 21.1 billion ($3 billion) net loss, 45% wider than the prior year.[18] Li announced a 10% workforce reduction (3,000 layoffs).[19] In 2025, Singapore's GIC sovereign wealth fund filed a lawsuit alleging financial fraud, which NIO denies.[20] NIO faces an 87% debt ratio despite CNY 41.9 billion in liquid assets.[21]

Personal Life

Li is married with two children; their names are undisclosed.[22] He values privacy and keeps his personal life separate from his professional endeavors. Despite his wealth, he is known for a frugal lifestyle focused on NIO's success.

Net Worth and Compensation

Forbes estimated Li's net worth at $1.4 billion in February 2019, rising to $8.1 billion in November 2020 during NIO's recovery.[3][23] His personal compensation is undisclosed. He has founded or invested in over 40 companies beyond NIO.

Controversies

2019 Financial Crisis

Li faced near-bankruptcy in 2019: net losses of 3.285 billion yuan in Q2, stock down 76%, CFO resignation, 1,200 layoffs (13% of staff), and executives fleeing.[12] Media proclaimed "NIO is finished." Li mortgaged personal assets to keep the company alive. Only the $1 billion Hefei government bailout prevented collapse.[16]

Battery Fire Recalls

In June 2019, NIO recalled approximately 5,000 ES8 electric SUVs after a series of battery fires in China, raising safety concerns about the vehicles.[24]

GIC Fraud Lawsuit (2025)

Singapore's GIC Private Limited (sovereign wealth fund) filed a lawsuit naming NIO, William Li, and former CFO Steven Feng as defendants. The lawsuit alleges NIO "made materially false and misleading statements" about financial results and concealed critical information regarding its relationship with affiliated entity Nio Battery Asset Co. (Weineng).[20] A 2022 Grizzly Research report alleged NIO "inflated net income by about 95% through sales to related party."[25] NIO denied the allegations as "not substantiated" and "without merit."[26]

2023 Workforce Reductions

Despite record deliveries of 160,000 vehicles in 2023, NIO posted an RMB 21.1 billion loss and announced 10% workforce cuts (3,000 employees), raising questions about the sustainability of NIO's business model.[18][19]

References

  1. ↑ <ref>"NIO CEO William Li Profile".{Template:Newspaper.Retrieved December 15, 2025.</ref>
  2. ↑ <ref>"William Li: China's Elon Musk".{Template:Newspaper.Retrieved December 15, 2025.</ref>
  3. ↑ 3.0 3.1 <ref>"NIO Founder Li Bin's Fortune Soars".{Template:Newspaper.November 2020.Retrieved December 15, 2025.</ref>
  4. ↑ 4.0 4.1 <ref>"The Humble Origins of NIO's Founder".{Template:Newspaper.Retrieved December 15, 2025.</ref>
  5. ↑ 5.0 5.1 <ref>"William Li's Bitauto Success".{Template:Newspaper.Retrieved December 15, 2025.</ref>
  6. ↑ 6.0 6.1 <ref>"NIO IPO Raises $1 Billion on NYSE".{Template:Newspaper.September 2018.Retrieved December 15, 2025.</ref>
  7. ↑ <ref>"Notable Alumni: Li Bin".Peking University.Retrieved December 15, 2025.</ref>
  8. ↑ <ref>"William Li's Early Startups".{Template:Newspaper.Retrieved December 15, 2025.</ref>
  9. ↑ <ref>"William Li's 40+ Investments".{Template:Newspaper.Retrieved December 15, 2025.</ref>
  10. ↑ <ref>"NIO Launches to Challenge Tesla in China".{Template:Newspaper.November 2014.Retrieved December 15, 2025.</ref>
  11. ↑ <ref>"NIO Secures Major Chinese Backers".{Template:Newspaper.Retrieved December 15, 2025.</ref>
  12. ↑ 12.0 12.1 <ref>"NIO's Near-Death Experience".{Template:Newspaper.2019.Retrieved December 15, 2025.</ref>
  13. ↑ <ref>"NIO CFO Resigns Amid Crisis".{Template:Newspaper.October 2019.Retrieved December 15, 2025.</ref>
  14. ↑ <ref>"Is NIO Finished?".{Template:Newspaper.2019.Retrieved December 15, 2025.</ref>
  15. ↑ <ref>"Li Reveals How Close NIO Came to Collapse".{Template:Newspaper.Retrieved December 15, 2025.</ref>
  16. ↑ 16.0 16.1 <ref>"Hefei Government Invests $1 Billion in NIO".{Template:Newspaper.April 2020.Retrieved December 15, 2025.</ref>
  17. ↑ <ref>"NIO's Remarkable Recovery".{Template:Newspaper.2020.Retrieved December 15, 2025.</ref>
  18. ↑ 18.0 18.1 <ref>"NIO Posts $3 Billion Loss Despite Record Sales".{Template:Newspaper.2024.Retrieved December 15, 2025.</ref>
  19. ↑ 19.0 19.1 <ref>"NIO Cuts 10% of Workforce".{Template:Newspaper.2023.Retrieved December 15, 2025.</ref>
  20. ↑ 20.0 20.1 <ref>"GIC Sues NIO Over Alleged Financial Fraud".{Template:Newspaper.2025.Retrieved December 15, 2025.</ref>
  21. ↑ <ref>"NIO's Debt Challenge".{Template:Newspaper.Retrieved December 15, 2025.</ref>
  22. ↑ <ref>"NIO CEO Keeps Family Life Private".{Template:Newspaper.Retrieved December 15, 2025.</ref>
  23. ↑ <ref>"William Li Net Worth 2019".{Template:Newspaper.February 2019.Retrieved December 15, 2025.</ref>
  24. ↑ <ref>"NIO Recalls 5,000 SUVs After Battery Fires".{Template:Newspaper.June 2019.Retrieved December 15, 2025.</ref>
  25. ↑ <ref>"Grizzly Research Accuses NIO of Inflating Revenue".{Template:Newspaper.2022.Retrieved December 15, 2025.</ref>
  26. ↑ Template:Cite press release
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