To The Moon

Chinese electric automaker, Nio Inc. launched their high-end smartphone Thursday, highlighting the advanced state of EV technologies in the world's biggest auto market.The new phone is designed to be used with its electric vehicles, boasting a surplus of related functions such as using the phone to instruct the car to park itself.Chief Executive William Li said the Nio Phone had more than 30 car-specific functions, including the ability to notify their car to drive itself to their location ."I believe many of our competitors will learn from our smartphone innovations and I welcome them to do so," Li said in a statement.There are three models available, with prices ranging from 6,499 to 7,499 yuan . Initially, the phone will only be available for purchase in China, and deliveries are set to commence on September 28th.Shares of NIO are down 3.51% in pre-market trading Thursday morning.By Michael Elkins | [emailprotected]

Nio is entering into the ultra-competitive smartphone business, and that's not something NIO stock traders ought to celebrate in 2023.

Investment thesisNIO (NYSE:NIO) was one of the hottest stocks during the EV frenzy of 2020-2021. The