<img src=”https://storage.googleapis.com/prod-zenger-upload/image/20230921/feat_e4df930f-186a-47ec-9d70-30a9484bd5c1.jpg” alt=”Nio, Inc. (NYSE:NIO) has entered the smartphone arena to set itself apart from competitors in China’s fiercely competitive electric vehicle market. PHOTO BY DARIA NEPRIAKHINA/UNSPLASH”>
Nio, Inc. (NYSE:NIO) has entered the smartphone arena to set itself apart from competitors in China’s fiercely competitive electric vehicle market.
Nio’s CEO, William Li, introduced the Nio Phone in Shanghai, China’s commercial hub, unveiling its unique features, such as the ability to control multiple cars with a single device and unlock a car even when switched off, according to a Reuters report.
According to CnEVPost, the Nio Phone has:
The Nio phone is priced at 6,499 yuan ($890) for the base model, with a higher-tier version featuring 16 GB RAM and 1 TB storage available for 7,499 yuan ($1,027).
The All-New Flagship NIOPhone – Seamless Integration With Your NIO Vehicle $NIO pic.twitter.com/tQuPuMLUpU
— Deon EV (@HDEONEV) September 21, 2023
Nio’s smartphone aims to entice customers with enhanced connectivity and services.
Incidentally, in the aftermath of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk‘s acquisition of Twitter, now renamed X, reports suggested Apple will likely yank the then-Twitter app off its App Store. In those early days, Apple also slowed advertisements on Twitter in a wait-and-watch mode which direction the social-media platform will take in a post-Musk era.
In response, Musk threatened to create an alternative smartphone if Apple and Google removed Twitter from their app stores. However, no updates have been provided on a “Tesla smartphone” despite a flurry of online chatter.
The launch of the Nio phone could strain the company’s finances. Nio is still operating at a loss and facing shrinking gross margins due to the fierce competition in China’s EV market.
Earlier this week, the company announced a $1 billion senior convertible note offering, leading to a more than 17% drop in its stock price on Tuesday.
Nio’s stock closed up 3.16% at $8.82 on Wednesday, according to Zenger News Pro data. In mid-session on Thursday in Hong Kong, the stock was trading flat with a slight negative bias.
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