NIO Inc. has launched a smartphone designed for use with its electric vehicles, which has more than 30 car-specific functions. The phone will initially be sold only in China from September 28. This news follows NIO's proposal of a $1 billion offering of convertible senior notes due 2029 and 2030, with plans to use some of the proceeds to repurchase existing debt securities. However, some investors fear NIO is taking on too much, leading to a decline in shares.