Nio Launches $900 Smartphone to Intensify EV Competition

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【Summary】Chinese electric vehicle company Nio has launched its own smartphone, the Nio Phone, in an effort to differentiate itself in the competitive EV market. The smartphone boasts features such as controlling multiple cars with a single device and unlocking a car even when switched off. Priced at $890 for the base model, the Nio Phone aims to entice customers with enhanced connectivity and services.

FutureCar Staff Sep 21, 2023 4:16 PM PT

Nio Launches $900 Smartphone to Intensify EV Competition

Nio, Inc. has made its entry into the smartphone market in an effort to differentiate itself from competitors in China's highly competitive electric vehicle industry. The company's CEO, William Li, unveiled the Nio Phone in Shanghai, showcasing its unique features, such as the ability to control multiple cars with a single device and unlock a car even when it is switched off.

The Nio Phone comes with impressive specifications, including a Qualcomm Snapdragon 8 Gen 2 system-on-chip with 16 GB RAM and 1 TB storage. It runs on the Sky user interface, an Android-based mobile operating system. Furthermore, it has an action button that allows users to activate over 30 functions related to vehicle control. The phone also boasts Samsung's 6.81-inch curved screen with 2K resolution, supporting a 1-120 Hz refresh rate. Additionally, it is equipped with a 5,200 mAh battery that supports 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, while a higher-tier version with 16 GB RAM and 1 TB storage is available for 7,499 yuan ($1,027). The smartphone aims to attract customers with its enhanced connectivity and services.

It is worth noting that following Elon Musk's acquisition of Twitter, reports suggested that Apple might remove the then-Twitter app from its App Store. Musk, in response, threatened to create an alternative smartphone if Apple and Google took such action. However, there have been no updates on the rumored "Tesla smartphone" despite the online speculation.

The launch of the Nio Phone could have financial implications for the company. Nio is already operating at a loss and facing shrinking gross margins due to intense competition in China's electric vehicle market. The company recently announced a $1 billion senior convertible note offering, which led to a significant drop in its stock price.

Despite these challenges, Nio's stock closed up 3.16% at $8.82 on Wednesday. As of mid-session on Thursday in Hong Kong, the stock was trading flat with a slight negative bias.

For more information on the future of mobility and Nio's developments, you can follow this link for Benzinga's coverage.

Photo courtesy: Nio