Chinese electric-vehicle maker
NIO
has released its smartphone. The company could do with a hit as it looks to regain investor confidence.
NIO
(ticker: NIO) launched the Android phone on Thursday in China with prices starting at around $900 and shipping to begin on Sept. 28.
NIO’s American depositary receipts were up 0.1% in premarket trading at $8.83. The stock needs a boost after the company’s offering of $1 billion in convertible bonds earlier this week sent the ADRs tumbling from levels above $10.
NIO expects at least half its users to buy the phone, CEO William Li told CNBC. The company’s cumulative deliveries of vehicles stood at 383,908 at the end of August.
The company has said it isn’t looking to compete with other phone manufacturers but is aiming to give EV drivers a better experience, as smartphone integration becomes an increasingly important part of the value of a car.
Write to Adam Clark at [email protected]
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