Apple Inc’s (NASDAQ:AAPL) rumored electric car when launched would be highly competitive, Nio Inc’s (NYSE:NIO) founder and CEO William Li said in an interview with a local news portal, CnEVpost reported on Thursday.
What Happened: Apple’s rumored car will certainly be positioned as a “mainstream high-end market,” Li reportedly said.
The Shanghai-based Nio’s CEO said the EV maker would need to have some resilience before the “shockwaves from Apple arrive," according to cnEVpost.
Emails sent to Nio did not elicit a response at press time.
See Also: Apple Car Not Coming Anytime Soon, Porsche Or No Porsche, Says Analyst
Why It Matters: Li has previously reportedly said its main competition is not Tesla Inc (NASDAQ:TSLA) but Apple and German luxury brands such as Mercedes-Benz and Audi.
The Chinese entrepreneur in January said both Nio and Apple are pursuing a combination of technology and humanity, CnEVpost similarly reported at the time.
Rumors about Apple Car have resurfaced after Porsche CEO Oliver Blume told investors earlier this month that the sports car maker and the smartphone giant have held early discussions about potential joint projects beyond the current scope.
Price Action: Nio stock closed 1.4% higher at $22.2 a share on Wednesday.
