Chinese EV maker Nio launches first mobile phone
Chinese electric vehicle maker Nio launched its first mobile phone on Thursday, in hopes that better software and connectivity will boost the appeal of its EV cars amid a fierce price war on the mainland. 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. By the end of June, it held cash and cash equivalents of US$4.3 billion. It received an investment of US$1.1 billion in July from CYVN Holdings and offered a US$1-billion convertible bond on Monday. 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 overall growth of electric car sales in China. (Reuters)