04:20 AM EDT, 04/15/2024 (MT Newswires) -- Nio (NIO) Chief Executive William Li called for open markets and free competition in the electrical vehicle sector during a visit to the US, Reuters reported Saturday, citing a transcript of his speech.

The Chinese electric vehicle company and Tesla (TSLA) rival's founder also told an audience at Harvard University that China's rapid advance in adopting EVs was the result of an open and competitive market in which all carmakers "are welcome regardless of their brands or origins."

Tesla has sold over 1.36 million EVs in China over the last three years, Reuters reported. He said he did not expect China to retaliate for any possible US trade restrictions on Chinese EVs because it has seen for itself how "openness will ultimately benefit industries and sustainability, and make the best companies even better," Reuters quoted Li as saying.

Nio did not immediately reply to MT Newswires' request for comment.

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