Chinese electric-vehicle maker Nio (NIO) has just released a new smartphone as the company looks to diversify its business.
Nio launched the new Android smartphone in its home market of China with prices starting at the equivalent of $900 U.S.
The company said it plans to ship the first phones to consumers on September 28 of this year.
Nio executives have said that they are aiming to have half the consumers who purchase its electric vehicles also buy its new smartphone.
The company’s electric vehicle deliveries stood at 383,908 at the end of August.
Nio’s management has also said that they are not looking to compete directly with other smartphone manufacturers, either domestic or foreign.
Rather, Nio says it is trying to give its electric vehicle customers a better overall experience and hopes to integrate the smartphone with its cars and SUVs going forward.
News of the smartphone launch comes after Nio earlier this week issued $1 billion U.S. in convertible bonds.
The company’s stock has declined 52% over the last 12 months and currently trades at $8.82 U.S. per share.
