Nio registers new company for smartphone business TechNode

Nio registered a new company in Shanghai on Thursday named Nio Mobile Technology Co., Ltd. in the latest sign that the Chinese electric vehicle maker is pushing to accelerate the development of its own smartphone. The new firm has listed its major business interests as sales of telecommunication devices, wearable products, and in-car smart devices, with a registered capital of $100 million and president Qin Lihong being the legal representative, according to corporate information platform Tianyancha. Chinese media reported in February that Nio had set up a new team to develop smartphones. Last month rival automaker Geely purchased a majority stake in smartphone maker Meizu as it also looks to make its own mobile devices. [Tianyancha, in Chinese]

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