# Onvo

The Tesla Envy: Why China’s EV Titans Struggle to Escape the Cycle of Rapid Iteration

NIO CEO William Li admitted that while car companies envy Tesla's ability to sell unchanged models for years, the hyper-competitive Chinese market forces local brands into a cycle of rapid, often costly, product iterations. Li defended these quick updates as necessary for survival despite the 'backstabbing' effect on existing owners' resale values.