Nio (NYSE:NIO) stock is a hot topic among traders on Thursday after the electric vehicle (EV) company announced a new smartphone.
Nio is targeting owners of its EVs with the launch of this new smartphone. It’s designed to specifically work with the company’s vehicles. Among its abilities are acting as a key fob, checking EV information, controlling functions like self-parking and more.
Nio intends to sell this new smartphone for $890 through its online store. However, the company notes that initial supplies may be limited due to demand. It’s also worth noting that the devices run on Android.
William Li, founder and CEO of Nio, said the following to Bloomberg about the device:
“We want our phone to connect seamlessly with the car, and bring a better user experience to our car owners.”
Nio selling a smartphone to pair to its vehicles seems like a lofty pursuit. It will likely only appeal to the most diehard fans of the EV company. Instead, a better option may have been a standalone app available on all devices.
NIO Stock Movement on Thursday
NIO stock movement today has some 22.9 million shares changing hands. That’s still a far way off from the company’s daily average trading volume of about 62 million shares. With this movement comes a 2.7% drop for NIO stock on Thursday morning. Also, the stock is down 10.9% since the start of the year.
Investors searching for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market coverage that traders need to know about on Thursday! A few examples include why shares of Palantir (NYSE:PLTR) and Splunk (NASDAQ:SPLK) stock are moving, as well as why stocks are down today. All of that news is ready to go at the links below!
More Thursday Stock Market News
- PLTR Stock Alert: Palantir Announces CAZ Investments Deal
- SPLK Stock Alert: The $28 Billion Reason Splunk Is Up Today
- Why Are Stocks Down Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
