In an effort to increase the attractiveness of its EV cars amid a severe price war on the mainland, Chinese electric vehicle manufacturer Nio on Thursday (Sept. 21) unveiled its first smartphone.
Chief Executive William Li, a big driver of the project, unveiled the Nio Phone in Shanghai, highlighting features such as the ability to control multiple cars with one device, or to unlock a car even when switched off.
Plans for the device had fuelled concern among some investors, however, as Nio doubled down on investment in self-developed technologies for key components such as chips and batteries, despite rising losses amid the pricing battle.
Nio posted a net loss of 6.12 billion yuan in the second quarter, versus a loss of 2.75 billion yuan in the corresponding period a year ago.
It had US$4.3 billion in cash and cash equivalents at the end of June. It received a US$1.1 billion investment from CYVN Holdings in July and on Monday (Sept. 18), it offered a US$1 billion convertible bond.
The company is showing signs of recovery from a sales slump in the first half of the year, as August deliveries rose 81 percent on the year, thanks to the popularity of its revamped ES6 SUV.
It sold 94,352 vehicles in the first eight months, an increase of 31.9 percent over the year-earlier period, outpacing the overall growth of electric car sales in China.
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