Nio, which is known in China for its electric vehicles, intends to develop a new market. They plan to develop and produce smartphones there.

On August 4, the manufacturer registered a division of Nio Mobile Technologies Co Ltd with a starting capital of $100 million. The division is headquartered in Shanghai and co-founders include Nio President Qin Lihong. According to media reports, the company is preparing the first smartphone in 2023, while it will be cheaper than the iPhone. Smartphones are expected to be released once a year.

In addition to smartphones, the new company will sell mobile devices, wearable electronics, hardware solutions for artificial intelligence and communication devices. There will also be software development.

By the way, earlier the Chinese car manufacturer Geely acquired Meizu to also enter the mobile electronics market.

The Tesla Model Y electric crossover is the best-selling electric vehicle in the world, but it could soon be the best-selling passenger car in all categories.

As early as 2023, it could overtake the Toyota Corolla and become the first electric vehicle in history to top the list of the world’s best-selling passenger cars.

This is reported by Electrek with reference to the head of Tesla, Elon Musk, who announced at the annual meeting of Tesla shareholders that the Tesla Model Y is on its way to becoming the best-selling car in the world. He noted that the electric crossover will become the best-selling car in the world by revenue this year. The company also expects it to become the best-selling car next year once Tesla ramps up production at Gigafactory Texas and Gigafactory Berlin.

Currently, the best-selling car in the world is the Toyota Corolla, with annual sales of about 1,150,000 vehicles.

It is worth recalling that Chinese BYD competes with Tesla, which completely abandoned the production of cars with internal combustion engines and sold more than 641 thousand electric vehicles in the first half of 2022.

Elon Musk again said that a US recession is inevitable and will last for the next year and a half, but at the same time, the richest man in the world added that some macroeconomic problems will resolve themselves.

“We will have a recession. I think it will be a relatively mild recession,” Musk said, speaking at a shareholder meeting. “I would guess it’s a mild recession for 18 months or something like that. That would be my best guess right now.”

He made a similar statement in May at the All-In Summit in Miami, noting that the US is likely already in a recession that could presumably last until the end of next year.

But despite predictions of an imminent economic downturn, Musk was also quite optimistic about Tesla’s forecast performance for the next few years, telling shareholders to expect a “record second half of 2022.” He also expressed hope that Tesla could reach 20 million vehicle deliveries by the end of the decade.

This month, Tesla passed the mark of 3 million vehicles sold in total. Musk said that to sell 20 million vehicles by the end of the decade would require 12 factories, each producing up to 2 million vehicles a year. Tesla currently operates six factories located in the US, Europe and China.

Musk added that the good outlook is partly due to the fact that inflation in the country, which is currently at a 40-year high, may begin to decline. He predicts a rapid decline in inflation in the near future, although he emphasized that this is only his assumption, and the situation may still change.