Nio founder and chief executive William Li has pushed back against the company's valuation, arguing that the market fails to capture what the business has become. In remarks reported by CnEVPost, he said investors look only at the vehicle side of the company and overlook Nio's work in artificial intelligence and in energy.

The comments ran under the outlet's earnings coverage of Nio, suggesting they were made around the company's latest quarterly results announcement rather than at a standalone event.

The report is accompanied by a complete record of Nio's ADR closing prices since the company went public in New York in September 2018, when the shares finished their first trading session at $6.60 — a dataset that underscores how long the gap between the company's ambitions and its market value has persisted.