<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’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:
- Qualcomm Snapdragon 8 Gen 2 system-on-chip with 16 GB RAM and 1 TB storage
- Sky user interface, an Android-based mobile operating system,
- An action button that allows users to activate over 30 functions related to vehicle control
- Samsung’s 6.81-inch curved screen with 2K resolution, supporting a 1-120 Hz refresh rate
- 5,200 mAh battery, supporting 66 W wired fast charging, 50 W wireless fast charging, and 10 W reverse charging
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).
— 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.
Produced in association with Benzinga