Chinese entrepreneur William Li tumbled out of the billionaire ranks as shares of his electric-car company lost more than half their value this year
I write about interesting Chinese companies.William Li, cofounder of NIO, standing in the automaker's showroom in Beijing, China, on June 12, 2019.Chinese entrepreneur William Li has tumbled out of the billionaire ranks as shares of his electric-car company, NIO, fell 58% this year. The 44-year-old tycoon, who’s been dubbed the"Elon Musk of China," has seen his net worth plunge $1.2 billion in less than four months to its current level of $457 million.
As if NIO’s safety issues weren’t enough of a problem already, analysts say the company is facing further obstacles that reflect wider problems in China’s once booming market for EVs. Beijing is phasing out subsidies for EV makers as its loosens restrictions on foreign ownership in the auto industry, and although NIO is likely to survive due to its larger scale and access to capital markets, its struggles are said to be dampening investor sentiment for the EV segment.
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