Tesla's Chinese Rival NIO Unveils Plans For Nio IN 2024: Anticipates Launch of Second-Generation Nio Phone Amid Innovations

NIO Inc. NIO is reportedly introducing Nio IN as its latest annual event, with a new edition of the event on the horizon.

On September 21, 2023, Nio hosted Nio IN 2023, marking its inaugural innovation day, CnEV Post reported. During the event, Nio unveiled its first smartphone model, its initial in-house developed chip, the SkyOS operating system, and extended NOP+ (Navigate on Pilot Plus) coverage from highways to urban streets.

“(Nio) is starting to prepare for NIO IN 2024 with content that is more brain-testing than last year,” the electric vehicle (EV) maker’s assistant vice president of branding and communications, Ma Lin, said on Weibo, CnEV Post added.

Ma suggested that the event could take place in either Shanghai, where Nio’s global headquarters are located, or Beijing.

Ren Shaoqing, Nio’s vice president of intelligent driving research and development, is expected to deliver a keynote address.

The company’s management has repeatedly stated that the Nio Phone will receive an annual major update, akin to Apple Inc.’s AAPL iPhone.

The second-generation Nio Phone is anticipated to debut during the upcoming Nio IN 2024 event. The first-generation Nio Phone is available in three variants, priced at RMB 6,499 ($900), RMB 6,899, and RMB 7,499, respectively.

Meanwhile, Nio’s battery asset operator, Mirattery, also known as Wuhan Weineng, has entered into a strategic partnership with Chinese electric truck startup Newrizon.

This collaboration will focus on various areas including battery technology, data intelligence, and asset management, aimed at broadening Mirattery’s customer base, CnEV Post reported.

In August 2020, Nio introduced its battery rental business known as BaaS (battery as a service), with Mirattery appointed as the manager overseeing these battery assets for rental purposes.

Price Action: NIO shares are trading lower by 1.35% to $4.380 premarket at last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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