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NIO Inc. (NYSE:NIO) shares are trading lower in the premarket session on Wednesday.
The negative price movement of NIO follows EV behemoth Tesla, Inc. (NASDAQ:TSLA), which fell sharply in premarket trading, with the pullback coming after the company reported its second-quarter results.
Tesla reported second-quarter earnings per share that trailed expectations. The company expects vehicle production to be sequentially higher in the third quarter but 2024 vehicle growth to be slower than in 2023.
In another development, NIO, the EV behemoth’s Chinese electric vehicle rival, is gearing up to introduce NOMI GPT. This virtual AI-powered voice assistant will debut on NIO’s second-generation Nio Phone launching this Saturday, according to a report from CnEV Post.
This integration aims to utilize AI for delivering advanced and innovative user experiences, as announced today by Nio’s vice president for hardware, Bai Jian, on Weibo, the report read.
NIO had been contemplating the idea of launching smartphones for a considerable period, emphasizing that this decision was not impulsive, CnEV Post added.
Jian emphasized that for NIO to achieve a seamless and deeply integrated experience between its vehicles and mobile devices, developing its own smartphone was necessary.
This strategic approach aims to enable a novel user experience that can only be realized through the close integration of the NIO Phone with NIO vehicles.
Nio unveiled the first-generation Nio Phone during its Nio IN 2023 event on September 21, 2023, with an initial price tag of RMB6,499.
Nio has announced that it will host Nio IN 2024 on July 27, during which it plans to introduce the second-generation NIO Phone and officially launch its vehicle operating system, SkyOS, as stated earlier this month, CnEV Post added.
Price Action: NIO shares are trading lower by 1.79% to $4.40 premarket at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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